Perhaps you had a life insurance policy in place for many years, long before some major life changes occurred for you. If that’s the case, it’s time to sit down with your insurance broker to go over the details, especially the beneficiary.
If you’re only just now beginning to shop around for a life insurance policy, the beneficiary will most likely be your spouse or somebody you trust implicitly, such as a partner in life.
Determining the beneficiary of your life insurance policy is incredibly important. If something happens to you and you pass away or are significantly injured and require a great deal of medical care and are unable to make decisions for yourself or express those decisions, it can make life very difficult for your family and those who depend on that particular policy.
That’s why it’s a good idea to choose an insurance company that has highly experienced, dedicated, caring brokers who can sit down with you, listen to your questions and concerns, and answer those questions directly.
If you once had a life insurance policy that has continued to be paid upon, but you’ve been divorced from the original beneficiary, that individual could receive a lump sum payment in the event something happened to you. That may not be what you intended or wish to happen.
Being clear on who the beneficiary of your life insurance policy is can offer peace of mind, but it can also help you and those you care about most from avoiding a potential disaster in the future.