One of the most important decisions you need to make when getting a life insurance is determining who the beneficiaries will be. There are different kinds of beneficiaries in life insurance and you need to be aware of them so you can make an informed decision.
Multiple Beneficiaries. You can have your children as multiple beneficiaries. All you have to do is to indicate the names of these recipients and the amount of proceeds that they are going to get.
Contingent Beneficiary. Naming a contingent beneficiary is always practical in case your first or primary beneficiary dies near the time of your own death. In this case, your children will qualify for your insurance money if you nominate them as contingent (secondary) beneficiaries. A contingent beneficiary can get life insurance proceeds if the primary beneficiary dies before he or she can receive the assets.
Minor as a Beneficiary. If you have named your minor child as a beneficiary, you will have to appoint a guardian/trustee who will administer the insurance proceeds upon your death.
Revocable Beneficiary. With this type, the recipient can be changed any time during the policy.
Irrevocable Beneficiary. In this type of beneficiary class, you cannot change your beneficiary's name unless they consent to it. With an irrevocable beneficiary, creditors cannot touch the policy proceeds as these monies are not considered to be a part of your assets.
Apple Insurance & Financial Services eliminates the need for multiple agents. Our dedicated and knowledgeable staff will help guide you to make the right decisions for ALL of your insurance needs. We are a firm of proven professionals who are as caring as we are knowledgeable.