Suppose you’ve ever received a spam message that claims you are the beneficiary of millions of dollars from someone you don’t recognize. In that case, you may wonder how you would tell if you were the real beneficiary of a life insurance policy. 

At Don Allred Insurance in Burlington, NC, we know that being the beneficiary of a life insurance policy can help to ease some of the financial pain of a loved one’s death. Whether you have received a notification that you are the beneficiary of a life insurance policy or you suspect that you may be the beneficiary, there are some ways that you can officially find out if this news is legitimate.

What is a life insurance policy beneficiary?

In life insurance policies, the term “beneficiary” refers to the individual the policyholder has legally assigned benefits from the policy in the case of the policyholder’s death. Depending on the policy, this could also be an entity or group of individuals.

When the life insurance policyholder passes away, the beneficiary can file a claim and receive the policyholder’s death benefit. Suppose a policy does not have a beneficiary. In that case, the policy’s benefits will be turned over to the state where the holder used to reside, such as North Carolina for a North Carolina resident.

How can I tell if I am a life insurance policy beneficiary?

The easiest way to tell if you are the beneficiary of a life insurance policy is by directly contacting the insurance company where the policy is held. You can also use a life insurance policy locator.

If you think you may benefit from a life insurance policy at Don Allred Insurance in Burlington, NC, call our office today!

With the legalization of medical marijuana in many states, more and more people are using it for their medical conditions. Even though it hasn’t been legalized in Burlington, NC, Don Allred Insurance knows there is a lot of confusion surrounding medical marijuana and health insurance. 

The answer depends mainly on the specific policy you have. While some insurers may refuse to cover any costs associated with marijuana use, others may not even consider it when making coverage decisions. In most cases, however, your insurer will not deny coverage simply because you use marijuana for medicinal purposes. Other factors, such as the type of treatment or medication used, may still affect your coverage eligibility. 

It’s also important to note that while many states have legalized medical marijuana, it is still illegal under federal law. As a result, insurance companies operating on a federal level (e.g., employers offering group plans) may refuse to cover any costs related to its use. Some employers may have policies prohibiting employees from using medicinal marijuana on the job or during work hours. 

Ultimately, whether or not your health insurance could be affected by using medical marijuana depends on the specifics of your policy and the laws in your state. It’s always best to check before trying new medications or treatments to ensure they will be covered under your policy. If you’re a Burlington, NC resident looking for assistance understanding how medical marijuana could affect your health insurance coverage, don’t hesitate to contact Don Allred Insurance today! We’d be happy to help answer any questions you might have about this topic and provide guidance as needed.

Do you live in the Burlington, NC area? Do you wonder what would happen to your loved ones in the event of your passing? Don Allred Insurance can help with a life insurance policy.

Buying life insurance will protect your loved ones from the devastating financial losses that could result in the event of your death. It will provide financial security, pay off debts, and help with living expenses, medical costs, and final expenses.

An accident or devastating illness can happen to anyone at any time. So, even if you are young, your family needs the protection a life insurance policy can provide.

There are three basic types of life insurance.

• Term life insurance provides coverage at a fixed rate for a period of time. After expiration, the client must renew the coverage. If the insured dies during the term, the death benefit is paid out to the beneficiaries. Term insurance is the least expensive life insurance.
• Whole life insurance has significantly higher premiums. It is renewed for your lifetime. The coverage matures as the policy grows in value, and withdrawals can be made for any reason. It serves as an investment tool as well as an insurance policy.
• Universal life insurance is permanent life insurance. With this policy, the insured is covered for their entire lifetime as long as the premiums are paid and any other policy requirements are maintained. There is a savings component with lifelong protection with this type of insurance. When you pass, the death benefit is paid out.

Don’t leave your loved ones without the financial security they will need and deserve. Life insurance will provide that security. Don Allred Insurance can provide you with a no-obligation quote or answer any questions you may have. Contact our office today.

Here at Don Allred Insurance, serving the Burlington, NC area, we advise our life insurance customers to consider increasing their life insurance policy when they have had significant life events or changes. However, this leaves many customers wondering what a major life event is and what warrants an increase in a life insurance policy. Read on to see a few specific circumstances that qualify as life-changing events and warrant an increase in a life insurance policy. 

Getting Married

One of the life events that may warrant an increase in your life insurance policy is getting married. When you get married, your spouse may not rely on your income to get by. As such, you may need to increase your life insurance policy. 

Having a Child

Another life event that warrants a life insurance policy increase is having a child. When you welcome a new child into your home, you now have someone else to provide for. Many people drastically increase their life insurance policies when they have a new child. 

Making Major Purchases

Lastly, if you have made significant purchases, such as purchasing a new home, purchasing expensive toys, such as cars, boats, or RVs, or have a lot of debt, such as student loan debt, you may want to increase your life insurance policy. You want to ensure your debts can be paid off and your loved ones have all the things you have purchased for them should you pass away unexpectedly. 

Suppose you are looking to purchase your first life insurance policy or are looking to make changes to an existing life insurance policy because you have had a major change in your life. In that case, the team at Don Allred Insurance, serving the greater Burlington, NC area, can help you. Reach out to us today, and let’s schedule an appointment to discuss your life insurance needs.