1. Make Sure Your Beneficiaries are Current. I received a call from a client recently concerning her mother-in-law Who had passed. The primary beneficiary pre deceased the insured. No contingent beneficiary was named therefore this held up claim Payment. Policy-owners can name anyone as a beneficiary, from their spouse, Or ex-spouse, to children, siblings, parents, business partners, A charitable organization or a trust. Policy-owners may also designate a contingent beneficiary. This person or entity is a secondary recipient of the life insurance Policy payout. The contingent beneficiary will receive the death benefit if the primary Beneficiary dies or cannot be found before the policy pays out. Beneficiary designations need to be very clear and follow the Requirements of the life insurance policy. 2. Do Not Name a Minor. When an insured lists a minor as a beneficiary, a life insurance claim...
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