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Home > Insurance Blog > How to Choose a Life Insurance Beneficiary
Life insurance is important to protect your family’s financial future. Who you name as a beneficiary can be just as important as your initial decision to purchase life insurance. It’s a big job, which is why it’s important to choose the right person – someone who’s trustworthy and knows what matters most to you.
Your local ERIE agent is here to help you determine the right beneficiary (or beneficiaries) for your unique situation. For general answers to common questions, keep reading.
A beneficiary is a person or entity designated to receive the funds from your life insurance policy in the event of your death. A beneficiary can be a person, business, trust, charity, church, or even a school. And an insurance policy can have more than one beneficiary, as well.
When selecting a beneficiary, a policy owner should select someone with “insurable interest” in the life of the insured. Insurable interest generally means that the beneficiary will incur some type of loss should the life insured pass away. Those with insurable interest often include, but are not limited to:
Naming a beneficiary lets your insurance company know who should receive the policy benefit upon your passing. At Erie Family Life, we require our policyholders to name a beneficiary when purchasing life insurance.
If a beneficiary is not named, your family could have to go through probate court before receiving any insurance funds. This process delays the benefit payment while subjecting your loved ones to a complicated and costly legal process as they grieve.
Choosing a beneficiary depends largely on how you’d like your life insurance to be used upon your death. If you have young children, naming a spouse or close family member you trust as your beneficiary and memorializing your wishes may be one way to provide for your children’s care in your absence. Grown children could use the insurance benefit to help pay for college. And if you choose a charity, the funds will go toward a cause close to your heart.
In short, who you choose as a beneficiary is dependent on your values and lifestyle. Here are some answers to common questions about beneficiaries to help you make your decision:
After you find the right fit, you can inform your beneficiary of their new role. Here’s how to put them in the best position possible:
Your life insurance policy should reflect what you value most. Choosing the right beneficiary is as personal as choosing the right coverage. That’s why we’re here to help you do both.
At ERIE, we know life is not a one-size-fits-all scenario. Each family dynamic is unique and we’re here to provide you with specialized guidance when it comes to protecting the people who matter most to you. Ask us how we can help protect your legacy. Find a local agent to learn more about life insurance* from Erie Family Life.
*ERIE® life products and services, provided by Erie Family Life Insurance Company, based in Erie, Pa., a member of Erie Insurance Group, are not available in New York.
Article originally posted on www.erieinsurance.com(opens in new tab)
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