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Do not forget this important step when applying for life insurance CoverLink insurance

Kelli Young

Have you bought or perhaps considered buying life insurance before?

If so, you know that the decision of a beneficiary or beneficiaries of your life insurance is an extremely important decision. But who wants to mess with all the paper? Good news … in recent years it has become a relatively simple process.

Here are some thoughts to consider when choosing a beneficiary:

  • Never go without a beneficiary ̵
    1; Even if you feel you need time to decide on a long-term beneficiary, do not go without one. This would mean that in the event of your death, your entire life insurance would have to go through a property established by the courts. This would create a lot of inconvenience for a family member and would also mean that you pay legal fees and taxes on the life insurance money.
  • Always Name Your Beneficiary – If You Simply Enter "My Children" or "My Spouse" etc. The conclusion? Be specific!
  • Set rules for children or other relatives – Giving someone a significant sum may not be the best idea if you want them to save and spend wisely. The rules for children to become sole beneficiaries will vary, so these should be reviewed before creating your own rules. of the life insurance money. They must respect your wishes regarding the money. But make sure you choose someone you trust or use a legal trust to avoid the potential pitfalls of someone abusing your money.
  • Consider Donating to Charity – If you have comprehensive life insurance but do not have a specific beneficiary in mind, you may want to consider donating a large portion to your favorite charity. If you want to discuss the different options for beneficiaries you have in mind, you are welcome to contact us at any time. If you have already purchased your insurance and want to update your recipient, just call us.

Life insurance

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