The creditor will benefit from debt consolidation because they know they will be receiving money from this lender. From their standpoint, they would rather get some money than have debtor file for bankruptcy and get nothing.

The lender is also benefiting from donations that non-profit organization receives for their services.

The debtor receives greatest benefits from debt consolidation. They now have one monthly payment, which is smaller than their combined payments were before. They will get their debt paid faster due to fact that (A) they cannot use their credit cards at this point. The creditors have closed their accounts, but left them in good standing. (B) The interest rates have been lowered; therefore debt will be paid off faster. Another benefit from debt consolidation is that you can reestablish your credit without having blemishes on your credit report.

If your beneficiary happens to be a minor child, a guardian has to be named and designated to supervise all 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 birth of your child, that beneficiary is changed to fit new events.

You can change a revocable beneficiary at any time by filling out necessary paperwork with your life insurance agent. However, if you named an irrevocable beneficiary to your estate, 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.