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Additional Details
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Idont know which policy is good and plz also tell me if i do a insurance after how munch time i can claim for that?which is smallest time priod policy and how much i have to invest for that.
A... |
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sweetre2 | What qualities should one look for in a person when choosing a beneficiary for a LIFE insurance policy? |
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Doing the Right Thing
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The obvious ones should be your love ones such as your family. They should definetly be your primary beneficiary. I would not put a friend or best friend or anyone else besides a family member. |
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Jen
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one that is willing to handle your estate, and you trust to distribute the cash as you wish. i would chose a family member that you love and want to help the most. remember, in community propriety states, the spouse gets 50% no mater who or when you decided unless that spouse signs a waver |
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nez777
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I often recommend to my clients those that they can trust, not just with making decisions, but also those that that are level-headed and can make good financial decisions. This is not just about age, but also their cognitive ability and how emotional and financially responsible they are.
One of the things that a life insurance policy pays for is the burial costs. Unless you have written instructions or have expressed what type of funeral you would like to have, some would feel guilty, or feel so emotionally saddened that they go and buy high end caskets, tombstones, and everything else that it may not leave much money for what you originally intended the life insurance to go to. Now, if you're purchasing this life insurance policy to have an over-the-top-farewell-party, go for it (and believe me, people do!).
Some other decisions are easy. I've had clients that feel like they want to give back to the community. So, their beneficiaries are their churches or a battered woman's shelter, or any charity of their choosing.
If you have children, and would like to leave money for them, just be sure to have it annuitized or some type of payment plan. Eventhough a guardian will be responsible for the finances until they turn 18, imagine what an 18-year old would do if they were given a lump sum of $250K!
An always safe bet is to have the family trust, if you have one. Most likely your trustee(s) have a clear understanding what you want to do with the money and your wishes.
Always pick to have a revocable beneficiary, so that you can change it in the future. The only situation that I have ever sold a policy with irrevocable beneficiaries is if it was a court order (i.e. divorce settlement) or if the client is afraid that they would become mentally ill and/or easily tricked (the elderly). |
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Plum
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well, l would definitely choose the person least likely to cut the brake cables on my car.
The serious answer is: who may need financial suppport after you have gone? Who could you help? If there is no one person then put it in your will that the money should go to a charity.
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Angela V
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If you have children, then you should look for someone that would be responsible with the proceeds and use it to pay any remaining debts you might owe, and look out for your children. |
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Mario R
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all depends how much it is. More the money, more dishonesty. So, someone honest in conjuction with a lawyer is good. Give them to a few people if you can starting from the ones that do help you get somewhere. Young children and spouse and common but even elders are not bad with contingencies if one to die before you.
May be you should get into this and earn some money too! I am in insurance business in Illinois and i do well with this. But i started as a part time plan and soon it became a full time and my wife is happy too. So, I do not know where you live but check these sites and may be you can afford having a baby and a part time job (you time job) in this business but you must pass some exams (not hard). You can answer and may be i can find someone to help you getting your license in your State.
yours truly |
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mbrcatz
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LOL QUALITIES? You don't NEED qualities. If you don't flat out have a reason to leave someone a chunk of money, then don't buy the life insurance policy!!! |
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