What is a Beneficiary?
Life insurance is something that is better for everybody when the roles that are involved in the process are defined. When everybody knows their purpose they are better equipped to get it all right. Do you know what a beneficiary is and how they are involved in the process? This is someone who has an important role to fill. The following information will help you out with knowing the role of the beneficiary. The more you can understand going into this process the better it will turn out for you in the end. Do not let yourself lack any of the needed information, because you are the one who is in charge.
A beneficiary is the person that you name in your life insurance policy as the one who receives all of the death benefit. This recipient can be one person, two or more people, a charity, a trustee, or even your estate. You do not have to name a recipient though. If you decide against naming one then the money will just be paid to your estate. If you want to name more than one person then you also need to work out percentages, because you can plan ahead as much as you would like or as little as you would like. The good part about this is that you can name a person or entity so at least you have some options.
Primary and Contingent
Whenever you set up your life insurance with your life insurance company you will usually have two people selected for this designation. These individuals will be known as the primary and contingent beneficiaries. The primary is the main recipient, and they will receive the death benefits if they can be found after you have passed on. Contingent recipients will receive the payout if the primary member is not around. Once again, if neither of these individuals can be found then the payout will go towards your estate. You need to make sure that you clearly define who will be the primary and who will be the contingent.
Your Choice
Remember, this is completely up to you because it is your money and property that will be given away. You need to make sure that you come to a conclusion that you are happy with. This means that you can get help from whomever you desire, but make sure no one is trying to force you out of money. You do not want any confusion as far as a benefactor goes, so make sure that you define everything just as you want it. If you want to then you can get input from someone you trust. You can also tell the individuals they are involved, or you can choose to just have it be known whenever you were to pass away.
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