1999-2008 Access Direct Insurance All rights reserved. About Us | Contact Us
1999-2008 Access Direct Insurance All rights reserved. About Us | Contact Us
1999-2008 Access Direct Insurance All rights reserved. About Us | Contact Us
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Who can be named as a Beneficiary?
A rule of thumb suggests that the proceeds of a life insurance in a married couple situation should go
to the spouse, followed by children, but anyone can be named as a beneficiary, (first beneficiary/)
You should also name a second or "Contingent beneficiary"(Second beneficiary.) It is common for an
unmarried, single person to name his/her immediate family (Mother, Father, siblings)as Beneficiaries.
A rule of thumb suggests that the proceeds of a life insurance in a married couple situation should go
to the spouse, followed by children, but anyone can be named as a beneficiary, (first beneficiary/)
You should also name a second or "Contingent beneficiary"(Second beneficiary.) It is common for an
unmarried, single person to name his/her immediate family (Mother, Father, siblings)as Beneficiaries.
| What is a beneficiary? A beneficiary is the person or financial institution, (a trust fund, for instance) you name in a life insurance policy to receive the proceeds. In addition to naming a specific beneficiary, you should name a second or "contingent" beneficiary, in case you outlive the first beneficiary. If there is no living beneficiary, the proceeds will go to your estate. If there are probate proceedings this could possible delay your loved ones receiving the money. The proceeds may also be subject to estate taxes. Picking a beneficiary, and keeping that choice up-to-date, are important parts of purchasing life insurance. The birth or adoption of a child, marriage or divorce can affect your initial choice of who will receive the death benefit when you die. Review your beneficiary designation as new situations arise to make sure your choice is still appropriate. Pay special attention to the wording of your beneficiary designations to ensure that the right person receives the proceeds of your estate. If you write "wife/husband of the insured" without using a specific name, an ex-spouse could receive the proceeds. On the other hand, if you have named specific children, any later-born or adopted children will not receive the proceeds - - unless the beneficiary designation is changed. |
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