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
Instructions
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Consider children first. They need food and shelter while they're growing up; other expenses, such as college, arise as they grow older.
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Take extra steps to cover the requirements of a child with special needs.
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Alert your attorney if you make your minor children direct beneficiaries so that your will can be tailored to protect their assets.
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Always take into account the needs and obligations of your spouse.
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Consider parents or other family members who rely on you for support.
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Account for business or professional obligations that can be offset by life insurance.
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Designate proceeds from specific term policies to pay off mortgages or other debts.
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Share your wealth. Make your church, favorite charity or other cause a beneficiary.
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Communicate your desires clearly to your lawyer, life insurance provider and whoever else may be assisting you.
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