10 Beneficiary Designation Mistakes to Avoid
What is a beneficiary? Perhaps the clearest definition comes from the Insurance Information Institute which states, “A beneficiary is a person or entity you name in a life insurance policy to receive the death benefit.” In other words, a beneficiary is a person or entity who will receive life insurance proceeds upon your passing. Also included in the definition of beneficiaries are those who receive distributions from wills, trusts, annuities, or retirement accounts. But, we want to focus mainly on life insurance here since 52% of Americans own such a policy. More importantly, naming a benefic...