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Choosing your beneficiaries on standard or whole life insurance quotes policies

This seems as though it would be a simple undertaking, but it actually need to be planned very diligently. Who should you choose? The person closest to you may be your first thought but read on.
You need to make sure that your family has everything thing they need in their time of grief. You also want to keep the court out of your estate and prevent your assets from being taken away due to debt or unpaid bills.
 
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Understand your options!

Generally, if you name a beneficiary in your standard/whole life insurance quotes policy, the money goes directly to that person or organization and does not go through probate. This avoids federal estate tax payments. However, if you name your estate as the primary beneficiary, the proceeds of your whole life insurance quotes policy will become part of your estate, and will become subject to federal estate taxes.


State yourself clearly!

Your will should be clear and precise, with detailed terms, of exactly who is to have what. So updating a policy the moment something important changes is a must. If someone contests the will, your beneficiaries will have the pain of dealing with your estate in probate. This is a time consuming and painful process for grieving loved ones to undergo.
The verbiage you use in your whole or standard life insurance quotes policy should NOT be "husband", "son", "child" but instead use the person'(s) FULL name on all documents. If you name your estate as a beneficiary then your estate will more than likely go through probate. So make sure to list full names on your life insurance policy.



Other issues

  • You should designate contingent beneficiaries in case something were to happen to your primary beneficiary. Also, if your beneficiaries are under 18, you will need to designate a guardian or trustee.

  • When choosing beneficiaries, try to consider the various situations your family and loved ones might be facing when you pass away.

  • Understand how certain family members will deal with your death as a loved one and a beneficiary.

The above items will help you decide ways in which to help your loved ones and beneficiaries after your death.


So safeguard your family's financial security! Get your FREE life insurance quote TODAY! (For the online form, click here). Use our online life insurance form and you will receive a response within one to two days from a licensed insurance professional in your area. (For our online form, click here).