Purchasing a life insurance policy is one of the most important household decisions you can make -- especially if you have loved ones who depend upon you for financial support. Here at Bold North Insurance Agency, our team is here to help you find the right type of policies for the right price for your needs and family or business goals.
Understanding the Benefits of Minnesota Life Insurance
Minnesota has several key laws in place that help offer assurance to buyers. For example, all life insurance companies are required to pay out benefits within two months, or they will have to pay out a higher interest rate. Insurance companies must also offer a 30-day grace period to any insurance holders who miss a payment.
While most people associate life insurance policies as family policies, there are other important ways in which a life insurance plan can be used within estate planning. For example, our team at Bold North Insurance Agency works with several farming partners who purchase life insurance policies for each other. In the event of a premature passing, the living farmer will have the funds necessary to buy out the assets and maintain the farm or similar business.
When passing a farm or business down to one's heirs, a life insurance policy can likewise make that process smoother and with less financial hazards as the financial payout to the beneficiary can be used to pay for funeral expenses, estate taxes, other types of debt obligations by the deceased, and more.
Contact Our Team at Bold North Insurance Agency to Learn More
Life insurance policies are incredibly flexible and can go a long way in helping family members and business partners better organize their assets for the long run. Learn more about the benefits of life insurance policies and estate planning by contacting our team at Bold North Ins Agency today.