Many people go all of their lives and only think about buying a life insurance policy for themselves. They think if they buy this type of policy, they can leave money behind to their loved ones. And even though doing this is a great way to protect the financial future of those you love, you can also invest in policies for other people. Here at Hanneken Insurance Agency Inc. serving Little Falls, MN, we would like to discuss the benefits of buying life insurance for other people.
Can I Buy My Cousin a Life Insurance Policy?
There are a lot of people who cannot afford to buy life insurance. If you have the financial capability, though, you can always buy a policy for them. And even if you don’t want to always pay the monthly premium, you can at least gift a person with a policy and make the first few years of payments on it. This is an excellent way to purchase coverage for the person and allow them time to get financially stable so that they can make the payments once you have stopped. So, yes, you can buy your cousin a life insurance policy.
In fact, you can buy a policy for anyone that you choose. All you have to do is contact an insurance agent from the Hanneken Insurance Agency Inc. serving Little Falls, MN and ask about the requirements of buying a policy. You may find that you are able to secure discounts if you purchase multiple policies through the same carrier.
Contact one of our agents today and learn more about gifting a person with a life insurance policy.