Life Insurance BeneficiariesWritten by Tim Gorman
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 different types of beneficiaries and different ways to go.In naming a life insurance beneficiary, a person should always specifically name and individual or organization and state proceeds go to beneficiary. Multiple beneficiaries may also be another option to your life insurance policy. There is no limit to number of beneficiaries on a life insurance policy. But, again, they need to be specifically named and proceeds that they are to receive are to be indicated on policy. A contingent beneficiary is person to whom a person bequeaths their assets to in 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 primary beneficiary does die, allot of unnecessary taxes and fees will be charges to your estate.
| | The need for Life InsuranceWritten by Tim Gorman
A person needs to reexamine their life insurance needs every few years because as our life events change so do our needs.When starting a family, a person needs to consider starting a life insurance policy. In event that death occurs to one of parents, there needs to be some insurance that money will be there to help raise and support rest of family. When buying a home, life insurance needs to be considered or reexamined, as well. If a spouse should die, it is important to know that other spouse could pay mortgage and bills. Getting a new job is another life event that requires some thought about life insurance. Most companies that provide health insurance, offer a life insurance policy to their employees as well. It is a great place to start life insurance policy. Lets talk about retirement. So many people rely on their 401(K), mutual funds and IRA's to survive after retirement. In event that spouse dies before they retire, other spouse would lose salary plus retirement benefits, as well. Life Insurance would not only be beneficial in this life event, but crucial.
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