Investing in life insurance is a foundational part of estate planning, and when done right it’s a primary way to say “I love you” to your loved ones after you are gone. However, when naming your policy’s beneficiaries, several mistakes can lead to potentially dire consequences for the people you’re investing to protect and support.
The following four mistakes are among the most common we see clients make when selecting life insurance beneficiaries. If you’ve made any of these errors, contact us immediately, so we can support you to change your beneficiary designations on your policy and ensure the proceeds provide the maximum benefit for those you love most.
01 - Failing To Name A Beneficiary
Although it would seem common sense, whether intentional or not, far too many people fail to name any beneficiary on their life insurance policies or inadvertently name their “estate” as beneficiary. Both of these errors will mean your insurance proceeds must go through the court process known as probate.
Read More