Designating Life Insurance Beneficiaries: Who Gets the Money?

The beautiful thing about purchasing a whole or term life insurance policy from the Wellspring Insurance Network Inc. is that you have the power to decide who will receive the benefit of your foresight. Whether your family lives in Frederick, MD near you or across the globe, it is entirely up to you to make this decision.

Keeping It Simple with the One You Love

Many people do the simple thing and designate the beneficiary of their policy as their spouse or longtime roommate. This certainly speeds up the process of distributing funds upon your death, but in reality, choosing only one person is the easiest decision. It will enable that person to handle your final affairs with fewer distractions, but it can mean they are left to sort out the arguing relatives. You do have other choices.

Choose More than One

Maybe your kids are now in college or just starting out on their own. You want to help them with debt reduction or a down payment for a home. You can select multiple beneficiaries for your policy where each child gets a stipulated amount and the rest is left to your spouse. You can send the money to a trust and have it paid out over years or in a lump sum. You can send it to your military buddy that served with you.

Update Your Policy as Time Goes By

Once everybody is all grown up, you may be thinking about the next generation. Remember to revisit your life insurance policy after major life events such as retirement, promotions, graduations, marriages, and births.  Your agent at Wellspring Insurance Network Inc. is available to help you with the details, ensuring that all your life’s work in the Frederick, MD area leaves behind a positive legacy for your most valued people.