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Choosing life insurance beneficiaries

You buy a life insurance policy to financially protect people you love the most. That is why the choice of beneficiary is so important, as it is the person who will receive the cash payments from your life insurance policy, according to CBS News.
Choosing life insurance beneficiaries

Appointing a beneficiary may seem like a simple matter. However, an unintentional mistake can sometimes lead to serious problems.

Who can be indicated as a beneficiary?

You can choose any individual to be the recipient of the insurance policy premium in the event of your death. It could be a family member, friend, or anyone else.

Can a child be appointed as a beneficiary?

Of course, it is possible, but if the beneficiary is a minor, the insurance benefit due to him is to be paid to his guardian or a closed bank account, to which the beneficiary will get access after reaching the age of majority.

Is it possible to appoint multiple beneficiaries?

You can generally appoint as many beneficiaries as you wish. In case of survival, you can specify one beneficiary; in case of death risk the number of beneficiaries is unlimited. If there is more than one beneficiary of the insurance benefit on death risk, their data and share in percentage are indicated in the appendix to the contract.

How to assign a beneficiary in a life insurance policy?

A life insurance policy is a legal contract between the policyholder and insurance company. You indicate the beneficiaries in the “Beneficiaries” column.

Can I change the beneficiaries if I want?

Yes. You can change any of the beneficiaries specified in your life insurance policy at any time, for any reason, perhaps you get remarried or a child is born in your family.

Источник: https://www.cbsnews.com/news/choosing-life-insurance-beneficiaries/

Photos are from open sources.

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