What Your Life Insurance Beneficiary Needs To Know
If you own a life insurance policy, makes sure your beneficiary knows exactly what to do when the need arises
. A beneficiary is the one who receives the proceeds of your death benefits. Its only right that you should walk him or her through the process of retrieving benefits.Here are a few points you should keep in mind to help keep the process smooth and simple for your beneficiary. Following these would certainly help avoid any delay or unnecessary hassles in retrieving the proceeds of your death benefits.First of all, you should make sure your policy is from a life insurance carrier that is reputed and has a good track record for paying off death benefits.In order to prevent ambiguity, you should name the beneficiary on your life agreement policy and review your policy periodically to reflect any name changes. For instance, if your spouse is the beneficiary of the policy, and you re-marry, your first wife may be able contend for death benefits as well. You should update your policy if you have children and grandchildren. For instance, not naming your grandchildren could exclude the children of any of your deceased children from getting death benefits.Your beneficiary should know where your policy documents are kept, who to contact and how to go about applying for death benefits.You should keep your beneficiary updated regarding your current financial status. Discuss with your spouse how the benefits should be utilized in the event of your death. Together you can discuss any other priority savings you may have such as college education for your children or investing in a retirement plan for your spouse. If you have a mortgage or other debts, your death benefits should be able to cover this and more.In addition, you should periodically check your life insurance policy against current policies available. Since life insurance is a very competitive industry you may be able to get better coverage for your beneficiary for the same price through another company. It is worth looking at options available. This is easy to do through online life insurance quote providers. Such providers have access to hundreds of reputable life insurance companies and can instantly provide you with the best quotes for your comparison, along with company ratings. Remember, you should never terminate your old policy until your new policy is fully executable.Walk your beneficiary through the steps that need to be taken when the need arises. This will help make it easier for your beneficiary to receive the proceeds from your death benefits in a timely manner.
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