Providing for the safety of your loved ones and comfort is the reason you buy a life insurance policy. But did you know things could be seriously compromised if you do not name the correct beneficiaries?
Your beneficiary is the person or entity that you call in your life insurance policy to receive funds in the event of your death. Your recipient may be an individual, a company, trust, charity or even your church. And you can have more than one.
Why the beneficiaries?
Erie Family Life forms require you to name a beneficiary. And that's a good thing considering the fact that saving your loved ones from having to go through probate court to receive funds from politics. Probate Court is a major drawback because it: ..
- Is a complex legal process
- Delays the allocation of funds
- will probably need your relatives to pay legal fees.
- may make the provision of life insurance for estate taxes.
by having you name a beneficiary on your policy, REA ensures that your policy is able to fulfill its goal of protecting your family when you are gone.
things to keep in mind
As you are considering naming your beneficiary, try to imagine a world without you. Do your children need money for college? Do your parents need a financial boost? Are there grandchildren or other relatives that you would like help? Is there a charity you want to support? Think about it and do not feel compelled to reduce it to an Erie Family Life allows you to appoint as few or as many recipients as you want
Once you choose your recipients, you better .:
- Get specific. According to the Insurance Information Institute, the most important thing is to clearly identify your beneficiaries. Erie Family Life forms require that you list the name, relationship, address of the beneficiary and the percentage of the product he or she is receiving. This allows ERIE easily identify and reach the beneficiary at the time of loss. It also speeds up the application process for your family because it is a specific beneficiary instead of something generic like "son" or "woman." By getting specific, it is easier to identify who should receive your policy, and it reduces the likelihood of protracted and costly litigation.
- account for contingencies. A contingent beneficiary is the beneficiary of your policy benefits in case your primary beneficiary dies before you. The main beneficiary name you typically receive all products from your life insurance policy. If the beneficiary dies before you, this money will go to your beneficiary or contingent beneficiary. You never know what can happen, so definitely take the time to appoint one or more potential beneficiaries.
The importance of reviewing your policy
ERIE Agent Julie Statland of Statland & Katz in Silver Spring, Md., Recommends reviewing your policy and its beneficiaries at least once a year and after any major life change. This will help you avoid a situation experienced by one of the families of its insured agency.
When a sick child in the family died, the agency discovered the child's aunt had been named as the beneficiary of the policy. "It would be better to update the policy to name the mother as the primary beneficiary with the aunt as a contingent beneficiary," says Statland. "When you are grieving the loss of a child, the last thing you need is a delay in obtaining funds to pay for the funeral, so be sure to always notify your agent of any change of life. "
Eriesense recently shared the first eight reasons to review your life insurance policy. Some additional events you want to include the birth of all the grandchildren and all the events that prompt someone to change his last name.
Remember that challenge a designated beneficiary after the death of a person is not only an unpleasant legal issue which can be difficult and expensive. It is also a heavy emotional experience for your loved ones for a fraction of the time and effort now, you can help them avoid.
No life insurance? Then read this.
Do you miss life insurance because you are not sure if you need it? Or are you afraid that you can not afford it?
If so, you might want to check the life insurance calculator ERIE. He asks you questions about your financial situation before you give a quick look and precisely the kind of life insurance you may need family life ERIE. * You may be surprised that it is much less than you thought!
If you and your family would be beneficial to have a policy in place, be sure to talk with your insurance agent ERIE on a long-term life policy. This popular affordable coverage you can buy protection for a number of years. Term life is ideal if you want a high level of protection at a great price for a specified number of years.
Later, you can choose to convert your term policy to a permanent life policy. Permanent life, also known as whole life, accumulates cash value and can remain in place throughout your life. The premium remains the same each month regardless of health changes, and the value of money on your policy is guaranteed.
* The life insurance products not available in N.Y. Not all companies are authorized or operate in all states. All products are available in all states. Go
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