Life Insurance beneficiaries
In most cases insurance is not about winning, but rather about not losing, or at least not losing everything. Life insurance is a bit different in that somebody gains when you die. If it is somebody you love and who loves you, then that is the way it is supposed to be. Life insurance is a means to take care of those you love when you are no longer able to – and that is the right thing to do. Stoneman Schopf can help you with life insurance in Algoma, Door County, Egg Harbor WI or Sturgeon Bay.
When you take out life insurance you need to specify a beneficiary. The choice of beneficiary is an important decision. In most cases the spouse or children of the insured will be the beneficiaries. For example, you could name your wife, your child, or another member of your family as beneficiary.
However, you can also name a charity, a legal guardian, an estate or a trust. In most cases people name one or more members of their immediate family as beneficiaries. If your named beneficiaries are minors, you will also need to name a legal guardian. If you only name one primary beneficiary, then it’s a good idea to name a contingent beneficiary as well.
You also get life insurance for business purposes, namely key man insurance. This type of insurance could be owned by the company. A business partners could also take out life insurance policies on each other to ensure the on-going nature of the business should one of the partners die or become incapacitated.
Apart from who you name, the way you name them and specify related details are also important. Your insurance agent can help you specify and name your beneficiaries correctly.