How to gift a life insurance policy

on Dec 01, 2022 06:50:PM

A life insurance policy ensures that the dependents of the policyholder are financially protected if that person passes away. It does this by paying out a predetermined sum to the beneficiaries of the policy. It also can be used for cash, depending on the policy type chosen.

While life insurance coverage is typically purchased by the policyholder, it can also be given as a gift. 

If you're in the market for life insurance - either for yourself or as a gift for someone else - start by getting a free online price quote now so you know exactly what to expect. 

How to gift a life insurance policy
Here's what you should know about gifting a life insurance policy during the holidays.

The benefits of having life insurance
When you have life insurance, you can designate your spouse, partner or children as beneficiaries. If you pass away while the policy is active, your beneficiaries will receive the payout. 

Different ways to give life insurance
The way you give a life insurance policy as a gift will depend on the policy type you want to give.
  • Whole life insurance
  • Term life insurance

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