Who do I name as my life insurance beneficiary?
Who do I name as my life insurance beneficiary? Once we have decided to make life insurance to cover the family, many of us wonder what happens if both parents die in the same accident? How to ensure that children receive the insured funds?
To do this, in addition to naming your spouse as the beneficiary, a good option is to name your child as the secondary beneficiary. That is, both full names must appear on the insurance policy, with their respective social security numbers. In this way, if you died in the same act as your partner, the child would be insured.
You should also take another precaution, if your child is a minor, he will not be able to access the funds until he has turned 18 or 21, depending on the state in which he lives. To avoid such a circumstance, you should consider appointing a guardian for your little one, ideally, that person you blindly trust, his brother or a great friend.
The guardian will ensure that the insurance benefits can be transferred to the child according to her will.
In short, when you make the right decision to make life insurance take into account the aforementioned circumstances so that the money reaches the family member you have decided without problems. Avoid the simplicity of naming “my wife” or “my children” as beneficiaries, write all the necessary information to identify them, and share with them the place where you keep the document that accredits them as beneficiaries. Who do I name as my life insurance beneficiary?
Life insurance can be decisive for your children to continue their studies and have their needs covered for a good part of their lives.
Call Univista Insurance and protect your family’s future.