Dependent life insurance is one of the most commonly sought-after products in the life insurance market. Whether you have a spouse, child, domestic partner or parent as a dependent you will need to have the tools available that will help take care of these people should something ever happen to you. Dependent life insurance can give a guardian the financial assistance to adequately care for your loved ones so they do not have to be a burden on their household because they did not have the financial plan in place to take on extra people.
Naming Kids as a Dependent
You can name anyone you like as a beneficiary on your life insurance protection policy but in order to list someone as a dependent they need to rely on you financially. Because of this there is usually a cutoff age when you can include your children on your dependent life insurance, usually around 26 unless they gain full-time employment before that point. Your children must also be unmarried if they are to remain on your policy as a dependent rather than a beneficiary. There are exceptions to these rules if you have a child that is disabled or you have some other reason to request an extension on their coverage.
Occasionally issues arise with dependent life insurance if you are trying to list a child that is not biologically related to you as a dependent. If you have legally adopted this child then you will be able to list it as your own. If you are a legal guardian for a child that has living parents elsewhere or you have a child living with you that you do not have a guardianship for then you will need to check with your life insurance company abut how you should proceed with gaining coverage for them.
If your child is listen on your dependent life insurance you usually need to list a guardian for them if they are not of legal age. This is someone who will hold the funds they receive upon filing a claim until they are old enough to receive these payments themselves. Usually, this money helps with the expenses that come with raising your children or sending them to school so their guardians do not need to pay these extra costs out of pocket.
Other Issues and Considerations
If you have a spouse or domestic partner that acts as a homemaker instead of holding a salaried job then you can list them as a dependent on your dependent life insurance. If something ever happens to you they can use the funds from your death benefit as a salary until they are able to secure a means of supporting themselves. If they have already reached an appropriate age for retirement then they can use these funds to take care of other expenses such as moving into a senior facility or paying off the mortgage and other bills one would normally need life insurance funds for.
Typically you receive dependent life insurance as part of your employee benefits through your job. You will need to see what you are required to pay and what you must do to become eligible for life insurance benefits with your employer or workers union so you can apply for your coverage. If you find your job does not include these benefits or they are charging more than you would like to pay then you can always find the coverage you need from another company. Do not refuse your benefits until you have taken the time to see what your options are.
Dependent life insurance can be used as a supplement to a more traditional life insurance policy. This would provide additional protection so you can be sure that all of your funeral costs and other bills will be paid in addition to providing protection to those who need your paycheck in order to pay the everyday bills. You can set your policy up on a term contract so the protection expires once your children reach adulthood or you gain access to your retirement benefits so you do not have to worry about continuing to pay for protection you will no longer need or cannot use.
When dealing with something as vital as dependent life insurance it is important to know what all of your options are. Get quotes from many different companies so you can see what level of benefits are available to you and what companies will charge the least for their services. Once you have narrowed down your choices make sure you read through each contract carefully so you know exactly what the rules are regarding your policy and when you can use it. You do not want to sign up for a policy only to find there are more fees than you originally planned for.
Benefits of Term Life Insurance
- Long-term financial safety
- Coverage for any final expenses
- Significant death benefit
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Source: http://www.termlifeinsurance.com/dependent-life-insurance.html
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