Who Should Be Beneficiary On Life Insurance?
12689 POINTSview profileTed RatliffOwner, SFS Associates,It depends on the reason for the policy. Most people will select a spouse, parent or other family member. If the policy is for final expenses you can name the person who will be handling those affairs or even the funeral home. I do not recommend naming a child as beneficiary unless the money is earmarked for the child after he or she turns 18. Money left to the child will be held in trust until the child is of legal age.Answered on May 12, 2013flag this answer
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaBeneficiaries on a life insurance policy should be identified by the potential economic loss at the demise of the policy insured. The amount of loss must be established with sound financial planning with reasonable factors for inflation or asset growth. This is a matter of insurable interest and financial justification. Beneficiaries can be family members, business associates, charitable organizations, children grandchildren, etc.Answered on May 27, 2013+01+1 this answer
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