February 24th, 2011
Categorized under: Life Insurance Quotes
Life Insurance: Buying Tips -Choosing a beneficiary
Choosing a beneficiary, and keeping that choice up-to-date, are critical parts of
purchasing a life insurance policy. The birth of a child or a 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 create sure your choice is still
appropriate.
Consider naming a “contingent” or secondary beneficiary in case you outlive your first
beneficiary.
Think about the wording of your beneficiary designations. If you write “wife/husband of
the insured” without utilizing a particular name, an ex-spouse could receive the
proceeds. On the other hand, if you have named particular children, any later-born
children will probably be left out unless the beneficiary designation is changed.