Top 5 Mistakes When Naming Beneficiaries of Insurance Policies Protecting Your Goals and Your Loved Ones
By: Paula Clarkson, J.D.
Naming beneficiaries of an insurance policy seems likes an easy thing to do. If a person is married, the spouse is the beneficiary. The children are often named the contingent beneficiaries. If a person is not married but has children, the children are often named as first beneficiaries. Usually these are the people that life insurance is intended to benefit, however, without knowing or considering the consequences of the beneficiary designation, the policy holder’s intended goals may be thwarted.
In this article are the top five mistakes people make when naming a beneficiary of their insurance policy.
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