15 Jun 2012 Who is Your Life Insurance Beneficiary?
As individuals get older, many start considering their options for life insurance in Massachusetts. From term life to whole, there is surely a policy available to suit your needs. While considering which coverage is right for you, you should also meditate on who could be your life insurance beneficiary. This is a very important decision to make.
A beneficiary is the person you nominate to receive the payout of your life insurance after you pass away. Depending on the policy’s fine details, you may be able to choose an individual (or more than one), an organization, or place the benefit into a trust.
When it comes to beneficiaries, it is often wise to choose two – a primary and a secondary. The primary is the first in line for the payout, but if he or she were to die before you, the money could go to the secondary beneficiary. It is vital you regularly update your policy after important life changes.
How can you choose your beneficiary? This is not always an easy choice. Husbands and wives often choose their spouses. Many times, mothers and fathers assign their children. What if these are not options? Consider the following questions if this is the case for you:
- Do you have any financial dependents?
- Do you have any shared debts?
- Are you passionate about any charities?
Life insurance in Massachusetts may not be considered necessary by everyone, but if you answers “yes” to any of the above questions then you may want to look into obtaining a policy. This could ensure your dependents and favorite organizations continue to have your support, even after you are gone.
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For more information about this topic, or to get answers about your current insurance situation, stop our office in Franklin, Massachusetts or give us a call at (800) 941-3317.