Life Insurance Beneficiary Designation: A Comprehensive Guide

Life insurance offers support to those who survive you. Those receiving the proceeds from a life insurance policy are called beneficiaries.

Things You'll Need

• Legal Services
• Life Insurance

Show More

Instructions

• 1

  Consider children first. They need food and shelter while they're growing up; other expenses, such as college, arise as they grow older.

• 2

  Take extra steps to cover the requirements of a child with special needs.

• 3

  Alert your attorney if you make your minor children direct beneficiaries so that your will can be tailored to protect their assets.

• 4

  Always take into account the needs and obligations of your spouse.

• 5

  Consider parents or other family members who rely on you for support.

• 6

  Account for business or professional obligations that can be offset by life insurance.

• 7

  Designate proceeds from specific term policies to pay off mortgages or other debts.

• 8

  Share your wealth. Make your church, favorite charity or other cause a beneficiary.

• 9

  Communicate your desires clearly to your lawyer, life insurance provider and whoever else may be assisting you.