Life Insurance Beneficiaries - Guide to Beneficiary Policy Coverage Waterville ME
Lebel & Harriman, LLP
Education: Husson College-B.S. Business Admin, Major in Ins.American College-1986 Chartered Financial ConsultantAmerican College-1983 Chartered Life Underwriter
Years of Experience: 34
IARFC, MDRT, AALU, SFSP, NAIFA
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Medicaid Planning, Family Offices, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Business Coach, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell
Scribner Insurance Agency
Education: BS/Business, Providence College
Years of Experience: 42
IARFC, MDRT, AALU, SFSP, NAIFA
Invoice, Estate Planning, Business Planning, Retirement Planning, Life Insurance, Disability Income Insurance, Long Term Care Insurance, BuySell
Michael J. DellOlio & Associates, L.L.C.
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans
Life Insurance Beneficiaries - Guide to Beneficiary Policy Coverage
For the sake of your loved ones it's usually better to name a beneficiary on your life insurance policy. If the proceeds of your life insurance go to your estate and get tied up in probate, it could be months before your family is paid the death benefit - and a lot can have happened in that time.
Pay careful attention to how you designate the beneficiary of your life insurance policy. If you want your wife or husband to get the proceeds of your life insurance, you should not just say "wife" you should say the name. Why? If you have a previous wife that person could receive the life insurance benefit's.
If you pick a beneficiary, for your life insurance policy, ensure you keep it up to date. For instance, if your children are named on your life insurance policy, be sure to update it as children are born or adopted into the family (What a disaster if someone is missed!).
While you should review your life insurance beneficiary designation frequently, it is also helpful to designate a second beneficiary. In this case, if your wife was the beneficiary and you died just before she died, as a result of a car accident for instance, there would be no one to receive the funds from your life insurance policy. You guessed it - the estate gets tied up in probate court and you are lucky if your kids inherit a small portion of the original amount of the life insurance (after Lawyer's fees etc. have eaten-it-up).
For more information regarding life insurance ...