When choosing a beneficiary for your life insurance policy, take time to consider all your options. Your beneficiary will receive the benefits of your policy after your demise. This person may be different for every policyholder depending on their personal circumstances.
Who can be a beneficiary on your life insurance?
Spouse and Children
If you’re married, you may want your beneficiary to be your spouse or children so they will have financial security after you’re gone. Life insurance benefits can be used to pay monthly bills, provide for your kids’ education, or pay off the mortgage of your Lakewood, CO home. Couples without children can provide for their remaining spouse to help him or her financially once the other is gone.
Singles have various options for a beneficiary, ranging from parents to siblings to a favorite charity. If your parents co-signed on your student loan, naming them as a beneficiary will enable them to pay off your debt once you’re gone. If you’re providing financially for your parents or younger siblings, life insurance benefits can continue to help them after you’re gone. Your parents can also use part of the benefits to pay for your funeral costs, so they don’t have to be burdened with this expense.
If you helped start a business with a colleague or friend, you might want to name your business partner as your beneficiary to help cover your share of the costs after you’re gone. This will enable your partner to continue the business even though you are no longer there.
At Premier Group Insurance, we can offer valuable counsel in selecting a beneficiary or beneficiaries for your life insurance policy. To learn more about life insurance options and costs, contact us at Premier Group Insurance in Lakewood, CO.