Life Insurance Beneficiaries

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 the different types of beneficiaries and the different ways to go.

In naming a life insurance beneficiary, a person should always specifically name and individual or organization and state the proceeds go to the beneficiary.

Multiple beneficiaries may also be another option to your life insurance policy. There is no limit to the number of beneficiaries on a life insurance policy. But, again, they need to be specifically named and the proceeds that they are to receive are to be indicated on the policy.

A contingent beneficiary is the person to whom a person bequeaths their assets to in the 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 the primary beneficiary does die, allot of unnecessary taxes and fees will be charges to your estate.

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

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

Timothy Gorman is a successful webmaster and publisher of Best-Free-Insurance-Quotes.com. He provides more insurance information and offers discount life insurance, auto and home insurance that you can research in your pajamas on his website.

---

Shopping Options for Auto Insurance

Shopping for car insurance can be a big undertaking. It... Read More

Long Term Care Insurance

Long Term Care Insurance is needed in the event that... Read More

UK House Insurance - The Risk of Under-insurance

For many years in the UK, motor insurance has been... Read More

Filing Auto Insurance Claims: The Basic Steps to Take

An automobile accident can be a terrifying event for anyone,... Read More

Finding California High Risk Truck Insurance

California high risk truck insuranceIf your are in need of... Read More

Does an HSA Cover Alternative Medicine?

A Health Savings Account (HSA) does not really cover alternative... Read More

Indemnity Insurance For Landlords

As a property owner it is essential to protect yourself... Read More

Need A Car Insurance Comparison? Dont Have Time?

If you decide not to do a car insurance comparison... Read More

What Price For Your Health?

How do you put a value good health? For many... Read More

Insurance or Assurance - Do You Need Reassurance?

Insurance versus assurance: what is the difference?Should you care?Yes!!The world... Read More

Discount Auto Insurance - Keep Your Hard-Earned Money

Finding discount auto insurance is so easy when you do... Read More

Insights Into Your Med-Pay Insurance Coverage

While Legal Romantics would like to characterize the trial of... Read More

Why Would I Need Auto Insurance Specialists?

If you do not understand the way that auto insurance... Read More

Life Insurance Fears Post the London Bombings Tragedy

Following on from the tube train and bus bomb attacks... Read More

Medical Bills - Evaluating Your Personal Injury Insurance Claim

The value of a personal injury claim has a direct... Read More

A Guide to Insuring Your Sailing Dinghy

If you've just bought a dinghy or are thinking about... Read More

Do Insurance Premiums Increase Every Year?

Many people ask, "If I am supposed to get a... Read More

MSA or HSA: Can I Keep My MSA Or Do I Need to Convert it into an HSA?

The Medical Savings Account (MSA) is an older form of... Read More

Cheap Insurance - Ten Ways

Cheap insurance? Auto insurance, life insurance, health insurance, liability insurance... Read More

Reducing Soaring Insurance Claim Costs

With the soaring rise in claims to insurers from their... Read More

Filing An Insurance Claim

Everything seemed pretty simple when you purchased that insurance policy.... Read More

How Do I Lower My Auto Insurance Rates?

Since there are many factors that go into determining your... Read More

What Is Health Insurance?

What is health insurance and why do I need it?... Read More

Sleep-At-Night Coverage With A Private Health Insurance ( Affordable Health Insurance )

Health Insurance: a sense of dissatisfactionThe three C's, customization, consumerization... Read More

What is Home Insurance?

Home Insurance is designed to provide you with financial protection... Read More

Long-Term Care Insurance: Eldercare Solution

When I suddenly had to become a fulltime caregiver to... Read More

Health Insurance for the Beginner

When it comes to your family, selecting the right health... Read More

How To Get Cheap Whole Life Insurance Quotes

Whole life insurance quotes the most expensive kind of policies... Read More

Car Insurance Quotes Online ? Why You Should Use the Internet to Find a New Insurance Company

Before the internet, you picked a neighborhood car insurance agent,... Read More

Medical Bankrupticies: What You Can Do To Protect Yourself

First the bad news: about 2,000,000 personal bankruptcies each year... Read More

Senior Life Settlement-Uses and Applications

In a recent article in the National Underwriter (April, 2005)... Read More

Global Warming: Why Consumers and Insurers Are Getting Hot Under the Collar Over Life Insurance.

Global warming may have been lurking on our horizon for... Read More

Life Insurance No Medical Exam - Is It Really Possible?

Quite often you feel that an ad for life insurance... Read More