Once you’ve committed to buying life insurance from George Ryan Jr. insurance Group Inc. in Bourbonnais, IL, the next step is selecting a beneficiary. Choosing a beneficiary is an important aspect of the life insurance process as this individual will receive the proceeds from your policy. Here are some important facts you should know about choosing a life insurance beneficiary.
One or More
You can choose one or more beneficiaries for your life policy and you can divide the benefits equally or choose specific amounts or percentages for each.
Your beneficiary can be an individual such as a family member, friend or colleague, or it can be an organization/charity. By selecting a local charity, you have a chance to give back to your community after your demise. You can also designate that life benefits to be put into trust for your minor children.
Your primary beneficiary is your first choice for receiving life benefits when you’re gone. If this individual passes on before you or doesn’t want the benefits for some reason, you should designate a backup beneficiary for receiving these funds.
Purpose of Life Policy
Consider the purpose of your life policy when choosing a beneficiary. If you want financial security for your spouse and family, they should be your primary beneficiaries. If you want to support aging parents, your parents should be named as beneficiaries. Choose wisely so your benefits can be put to good use and fulfill the purpose of purchasing your policy.
Keep Policy Current
Update your policy as needed to keep your beneficiary current. This ensures your proceeds go exactly where you want them to when you pass on.
To learn more about choosing a life insurance policy, beneficiary or coverage, contact George Ryan Jr. Insurance Group Inc in Bourbonnais, IL.