The usual beneficiaries of a life policy is the spouse or children however if a person has a financial interest as in business they to can be the beneficiary..This is sometimes the case with a key man policy when a business co ers maybea FRi,top sales person based on their value to the business.
The usual beneficiary for life insurance policies depends on the type of policy.
If a personal policy and the insured person is married, the usual beneficiary is usually the spouse. If a single person, the beneficiary is often a parent, romantic partner, or sibling.
If a business policy, the beneficiary is often the business or business partner. If a policy to cover a loan, the beneficiary is usually a spouse with assignment to the loan company.
Great question! The beneficiary is the person or thing (in some cases) that you wish to leave your money to. People typically leave it to a close family member, but there are people that leave it to , trust funds, churches, or charities. I remember not too long ago about reading about the lady in New York City that left her fortune to her dogs...Thanks for asking!
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If a personal policy and the insured person is married, the usual beneficiary is usually the spouse. If a single person, the beneficiary is often a parent, romantic partner, or sibling.
If a business policy, the beneficiary is often the business or business partner. If a policy to cover a loan, the beneficiary is usually a spouse with assignment to the loan company.