Deciding your beneficiaries

When you purchase a life insurance policy, one of the first things you must do is decide who will be the recipient of the benefits — hence the term beneficiaries. Most people designate their spouse as the primary beneficiary, which means that the spouse gets the entire death benefit when the policyholder dies. If you’re single, your primary beneficiary is likely to be your children, if you have any.
However, your circumstances may give you reason to name more than one beneficiary, especially if your estate is sizable. Naming additional beneficiaries is extremely important in the event that the primary beneficiary dies at the same time you do or that person dies before you.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...