How to Choose a Beneficiary

Life insurance offers support to those who survive you. Those receiving the proceeds from a life insurance policy are called beneficiaries.

Things You'll Need

  • Legal Services
  • Life Insurance
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Instructions

    • 1

      Consider children first. They need food and shelter while they're growing up; other expenses, such as college, arise as they grow older.

    • 2

      Take extra steps to cover the requirements of a child with special needs.

    • 3

      Alert your attorney if you make your minor children direct beneficiaries so that your will can be tailored to protect their assets.

    • 4

      Always take into account the needs and obligations of your spouse.

    • 5

      Consider parents or other family members who rely on you for support.

    • 6

      Account for business or professional obligations that can be offset by life insurance.

    • 7

      Designate proceeds from specific term policies to pay off mortgages or other debts.

    • 8

      Share your wealth. Make your church, favorite charity or other cause a beneficiary.

    • 9

      Communicate your desires clearly to your lawyer, life insurance provider and whoever else may be assisting you.

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