Designating beneficiaries on a life insurance policy is an extremely important task. if you have a life insurance policy, there are some things to always keep in mind when designating a beneficiary. Here are 4 things to remember:
- Make sure you are clear when naming your beneficiary. If you think the name of the beneficiary is too common then make sure you have some other identifying information for the person like a middle name, and other personal contact information.
- Ensure that the names, date of birth, social security number, contact information, etc of the beneficiary are all up to date.
- If you are naming a minor as a beneficiary, make sure you discuss with your advisor the proper ways to provide funds such as creating a trust or appointing a guardian.
- Tell the beneficiary they are named on your life insurance policy and provide them the name of the company. This helps if you pass away suddenly.
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