Who Is Your Life Insurance Beneficiary?

When taking out life insurance, a beneficiary is a must. This is the person (or persons) who will receive the payment from your insurer in the event of your passing away.

It can be anyone from a spouse or child, to a family friend. The only prerequisite for being a beneficiary is to be over the age of 18.

Many people wish to leave their life insurance to their children, but when first taking out their policy, their children are under the age of 18. All that needs to be done in this situation is to clearly state in your will that your life insurance payment is to be given to your child/children. It is very common for couples to want to leave their insurance pay-out to their spouse also. In the event that both you and your partner pass away, again by having it clearly stated in your will that your children are to receive the payment you will ensure that your hard earned money is going to the right people.

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