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Life Insurance 101

Setting your family up for financial success is key at any stage of your life! Life insurance ensures your loved ones are taken care of if something happens to you.

There are different types of life insurance policies, so to best understand what you need, let’s start with the key definitions:

  • Named Insured: The person specifically named within the policy as the insured party.
    • When determining this person, a couple of questions to ask yourself might include who in your family needs to be covered? Who in your family would need to be protected financially if a primary breadwinner were to pass away?
  • Beneficiary: The person who receives the payment if the named insured were to pass away. Every situation is different, and a licensed insurance advisor can help you figure out who your best option would be.
  • Insured Amount: The stated monetary amount that would be paid to the beneficiary (or beneficiaries) in the instance that the named insured passed away.

Experienced insurance advisors (like the ones we have at Gate City Insurance Agency) are here to help make the best decisions to financially support your family. They are able to best guide you and your decisions based on what comfort level you may have, and what your expectations for your family’s future are.

Insurance products offered through Gate City Insurance Agency are not deposits of Gate City Bank and are not protected by any type of deposit insurance, are not FDIC Insured, are not obligations or guaranteed by Gate City Bank, and may be subject to risk.

Not a DepositNot Insured by the FDIC or Any Federal Government AgencyNot Guaranteed by Gate City BankMay Lose Value

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