Beneficiary Designation Mistakes you don’t want to make…
A beneficiary is the person or entity that receives the proceeds of the life insurance policy when the insured person dies.
In most states, naming an estate as beneficiary of your life insurance proceeds, brings an unpleasant fate to those benefits. When proceeds become part of the insured’s estate, this means the proceeds are not exempt from the estate’s creditors and are subject to probate. (note: laws in most states’ have an exemption from the claims of creditors for life insurance payable to named beneficiaries, such as: spouse, child(ren), parents, sibling or loved one.).
-Death taxes and administrative expenses can also claim a large portion of these benefits. Expect delays and additional expenses that other wise would NOT (more…)
In most cases, group life insurance policies purchased through your employer are NOT portable. Meaning if an employee leaves their place of employment, he/she more than likely will also leave the Life Insurance Protection behind.
There is a way around this… (more…)
Problems tend to occur when a life insurance policy is purchased, and payments are continually provided without ever making sure the policy continues to meet your present day needs.
A shocking number of policies are payable to ex-spouses or others whom the insured would NOT have wanted to receive the proceeds since things have changed from the time the policy was originally put into place. A common occurrence overlooked (more…)
The purpose of Life Insurance is to PROVIDE. It is not intended to PROVIDE with superabundance.
Most people think Life Insurance is “Too Expensive”. Probably in part because many do not understand the actual cost of insuring a life. (view: life insurance needs worksheet)
Would your household have trouble meeting expenses if the primary or secondary income earner died today?
Many reports are stating the U.S. Is at a 50 year low for life insurance ownership. In turn this means (more…)
Waiting to Buy Life Insurance…
Regardless of the reasons you may have, it’s important to take action as soon as you feel a policy is required. Even single adults may need Life Insurance if it would be a burden for loved ons to cover your finally expense or medical bills. View “Life Insurance for Single Adults. Is it Needed?”
VERY IMPORTANT -If you only remember one thing from this blog post this is it. ►Life Insurance rates generally increase as (more…)