Review Life Insurance Beneficiaries & Terms, Regularly
It’s wise to review the policy terms and your designated beneficiaries from time to time.
You need to change your beneficiary as circumstances change. Use the proper insurance company forms to make the changes, not your will. The Policy overrides your Will. Generally, whoever is listed in the insurance documents will get the money regardless of what your will or any other document says. The same with retirement plans: IRAs, 401(k)s, 403(b)s, pensions etc.; plan document override the Will.
Use contingent beneficiaries in case the named beneficiary dies before you do.
Tell your beneficiaries about the policy. Some insurance money is never claimed because the person who dies is the only one who had any information on the policy.
Bruce E Cox CPA
Profit from my 35+ years experience working with high net worth individuals, families, entrepreneurs and businesses, helping them create wealth, keep their wealth and pass it on to the next generation. You can benefit too. I have made and lost millions in the stock market and you can benefit from this too. Ever since I have been searching for Safe Income Strategies and Solutions. We use three Safe Income Strategies that are focused on keeping your money safe, paying more than Bank CDs, Money Markets and Treasuries without the gut wrenching downside and yo-yo volatility of Stocks, Bonds and Mutual Funds. These Strategies Work. During the Financial Market meltdown of 2008 and 2009 none of our clients using these Strategies lost money due to market volatility.