What Are 4 Tips For How To Name Your Insurance Beneficiaries?
Choosing beneficiaries, and keeping those choices up to date
, is an important part of owning life insurance. Saving money on life insurance is easier these days with convenient comparison shopping services which our team reasearched and which are available to you on the internet. It takes less than a minute to receive free life insurance quotes that meet your family needs and budget.1. Use Specific Names
You should identify beneficiaries as clearly as possible. Include their social security numbers so that it is easier for the life insurance company to find them and pay out the life insurance proceeds. This will reduce the risk that any disputes will arise regarding the death benefits. For example, if you write "wife [or husband] of the insured" without using a specific name, a former spouse could make a claim on the death benefit. On the other hand, if you have named specific children, any later born or adopted children will not receive the death benefit unless you change the beneficiary designation to include them.
2. Document Plan B
Besides listing specific beneficiaries, you should specify how the benefits are to be handled if one or more beneficiaries can't be found at the time of your death. For example, assume you have two children and you name each one to receive half of the proceeds of the life insurance policy. If one of the children dies before you do, do you really want the other child to get the entire death benefit, or do you want the deceased child's heirs to get their share of the proceeds of the life insurance policy?
3. Understand Probate Risks
If the proceeds of the insurance policy are set up to go to your estate, probate proceedings could delay the distribution of the money to your loved ones who really may need it at the time, and the cost of probate as well as attorneys could diminish the amount available to your loved one and heirs.
4. Life Events May Trigger Plan Revisions
The birth or adoption of a child, marriage or divorce can affect your initial choice of beneficiary. Be sure to review your beneficiary designation as new life situations arise in order to make sure your original beneficiary choices are still appropriate. It is easy to notify the insurance company of changes to your beneficiaries when you determine that you must do so for the protection of your loved ones and heirs.
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