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How to Choose Beneficiaries for Life Insurance Policies

How to Choose Beneficiaries for Life Insurance Policies PhotoTruly that there is nothing more securing than being insured… having a Life Insurance.

People know for a fact that life insurance is not for the dead but for the living. Meaning, the benefits will be enjoyed by the beneficiaries. Choosing for a beneficiary is a highly personal decision. And it is understood that those whom you write down on the list are your family members.

Thus, the following information would enlighten you more on your decision making.

Identify your beneficiaries

Most often, the primary beneficiaries are wives or husbands then followed by children as secondary beneficiaries. If in case you’re single, think of your parents or relatives who are in need of the benefits. If in case everybody needs it, think of the one you can really depend on with regards to money matters and your assets.

You can also consider the people who will bear certain expenses at the time your death.

It is also a good idea to put any institutions like the state government, a church, charity foundations or orphanage as your beneficiaries if there’s none.

Consider state or policy restrictions

Each state has policies associated with naming beneficiaries. The state and even your life insurance policy may limit you in naming a beneficiary. Like for example, if you’re married, your wife may have to sign a waiver before you can put a name of another person as beneficiary.

Think of someone who will be a “Contingent”

If in case your primary beneficiaries die before you, the contingent beneficiary will receive the proceeds. This is essential to ensure that your wishes would be granted if you weren’t able to change the original beneficiary designation.

The contingent beneficiary will be your children if you have any, or someone that counts on you for financial support.

Make a “Will”

Through a Will, your estate will dispense your money in the way you have set out. A Will is actually a “To-Do list” in a legal document. These are details how and to whom your assets will be given to. A Will is commonly prepared in a situation where you have numerous recipients and a great deal of assets.

The Will also specifies the amount they will receive and who will receive it in case any of the original beneficiaries no longer exist.

Ponder on your estate

By naming your estate on your policy or your Will, the life insurance policy will allocate the proceeds of your estate accordingly.

There are common reasons why estates are named to get the proceeds. Firstly, to set up a trust fund for young children, the money will be spent in a certain manner or made available once they’ve reached their legal age. Secondly, to give the money to charitable organizations or by the Will that specifies which charities will receive donations.

Choosing for a beneficiary may not be a crucial issue on your behalf in the course of the time being, but it may be in your best interest, to stress out the point before things get worse. Or else, your state laws will determine who gets it.