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Disability insurance 101- What You Absolutely Need to Know
Disability insurance is the mutual agreement between the policy provider and the beneficiary in which the provider agrees to pay a certain amount of money to the beneficiary on certain unexpected event leading to a disability, which incapacitates...
Do You Really Need Disaster Insurance?
The expenses involved with owning a home can be overwhelming at times - routine maintenance, repairs, seasonal preparations, improvements. Not to mention taxes, fees, and all those monthly bills. Some homeowners, in trying to reduce their expenses,...
How To Save Money On Your Homeowners Insurance?
How To Save Money On Your Homeowners Insurance? In order to save money on your homeowners insurance you have to consider several price determining factors. One of the biggest factors is whom your insurance provider ends up becoming. You should...
How to Set Up a Pre-tax Insurance Cafeteria Plan Benefit
Setting up and implementing a pre-tax insurance Section 125 Cafeteria Plan is fairly easy. Essentially, an employer needs to establish what type of plan that will provide the solution to their unique plan needs, set up the plan with proper...
Insurance Agents: Separate yourselves from the crowd
In today’s world of direct writers, internet quotes and discount insurance companies, it is easy to get lost in the hustle and bustle of being an insurance agent. We insurance agents, while not quite threatened by extinction, are becoming nothing...
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Life Insurance Beneficiaries
Naming a beneficiary for your life insurance policy can be a difficult decision to make, not to mention a tricky procedure. A person needs to research the different types of beneficiaries and the different ways to go.
In naming a life insurance beneficiary, a person should always specifically name and individual or organization and state the proceeds go to the beneficiary.
Multiple beneficiaries may also be another option to your life insurance policy. There is no limit to the number of beneficiaries on a life insurance policy. But, again, they need to be specifically named and the proceeds that they are to receive are to be indicated on the policy.
A contingent beneficiary is the person to whom a person bequeaths their assets to in the event that their primary beneficiary also dies. It is extremely important to ad a contingent beneficiary to your life insurance policy. If there is not one named and the primary beneficiary does die, allot of unnecessary taxes and fees will be charges to your estate.
If your beneficiary happens to be a minor child, a guardian has to be named and
designated to supervise all the insurance proceeds.
Another issue with your life insurance beneficiary is to make sure in any life changing event such as divorce, death of your primary beneficiary or the birth of your child, that the beneficiary is changed to fit the new events.
You can change a revocable beneficiary at any time by filling out the necessary paperwork with your life insurance agent. However, if you named an irrevocable beneficiary to your estate, the beneficiary cannot be changed without there consent. If that person refuses, nothing can be done about it.
Before deciding on a type of beneficiary as well as naming your beneficiary to your life insurance policy, it is recommended that you consult with an insurance professional.
About the Author
Timothy Gorman is a successful webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers discount auto insurance, life and home insurance that you can research in your pajamas on his website.
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