The experts at T.D. McNeil Insurance Services work to help make the life insurance shopping process simple for their clients. They are there to help Folsom, CA residents select their policy and name a beneficiary. Naming a beneficiary is often the most challenging part of purchasing a life insurance policy many people encounter. Designating a beneficiary requires careful thought and consideration to select the best person to receive your benefits.
Here are some tips to help you choose a beneficiary for your life insurance policy:
Married without Children
Selecting your spouse as your beneficiary is probably your first choice. Doing so ensures your spouse does not suffer a financial setback in the event of your passing. Having a contingent beneficiary, such as a parent, sibling, or even a charity, might be a good idea if you and your spouse pass away.
Married with Children
Again, selecting your spouse as your beneficiary is the most common choice married couples with children make. However, you may also want to consider naming contingent beneficiaries, such as the designated guardians for your children, if both you and your spouse pass.
Single without Children
When selecting a beneficiary as a single person, you must consider who would suffer financial hardship when you pass. For example, consider anyone who may have co-signed a loan or mortgage for you.
Single parents need to select a beneficiary that is also the child’s legal custodian, who is often their other parent, in the event of your passing. If you do not want the funds to go to your child’s legal custodian, you can have the money go into a trust and name the trust as the beneficiary. If your child’s other parent is not alive, you can select the child’s designated guardian as the beneficiary.
Selecting a beneficiary can be a difficult decision, which is why T.D. McNeil Insurance Services is available to help Folsom, CA residents to get their questions answered.