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Life insurance is one of the best gifts you can give someone. While most gifts are used up or forgotten, life insurance remains a practical way of giving loved ones peace of mind and stability. If you are considering buying life insurance in Oro Valley, AZ, Old Pueblo Insurance can help you choose the best policy for your needs.
Requirements For Gifting Life Insurance
There are two main requirements for giving a life insurance policy as a gift:
- You must have the express permission of the person for whom you are buying the policy. If the person is a minor, you need the parent or guardian’s permission.
- There needs to be proof of insurable interest. Only people affected by a death may purchase life insurance for that person. This keeps random people from buying life insurance for strangers in hopes of profiting.
- Another requirement for some, but not all, policies is that the person on the insurance needs to take a physical.
Benefits Of Buying Life Insurance As a Gift
Life insurance may seem boring or even morbid, but it is actually a practical, thoughtful, loving gift.
- Life insurance can provide financial stability during the worst of times. Money is the last thing you want to worry about when facing a tragedy.
- By purchasing the policy when someone is young, you make sure that person won’t face eligibility issues when trying to apply for life insurance as an older, possibly unhealthier adult.
- Some policies even have cash payouts.
It’s Never Too Early Or Too Late To Buy Life Insurance In Oro Valley, AZ
If you have questions about gifting life insurance to a loved one or life insurance in general, please call Old Pueblo Insurance today.
