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 Continue reading →
A very sad and unfortunate fact: The benefits of life insurance are often recognized after disaster strikes. Why?… You are an insurance consumer. You have car insurance, home mortgage insurance, renters insurance, maybe motorcycle and boat insurance. Why the aversion for life insurance?
You may consider yourself a responsible person… and life insurance is a very important ingredient to being that responsible person. When you die, you pass along a financial burden to those Continue reading →
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 Continue reading →