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An insured’s estate should not typically be named the beneficiary of
insurance. |
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At least two backup beneficiaries should be named. |
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At least every three years, a written confirmation of the status of policies and
beneficiaries should be requested from the home office of the insurer. |
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The insurance product should match the problem. Be sure the insured has the right
policy for his/her/its needs. |
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Check to be sure there’s enough life insurance to provide food, clothing, and
shelter, and to pay off debts so that those the insured loves can continue in their
present lifestyle. |
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Don’t name minors as outright beneficiaries. Consider a trust or settlement
option. |
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Consider a transfer of life insurance to others to save federal estate taxes. |
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Check to see if your business or practice
can provide your family with insurance on a more cost-effective basis. |
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Remember that term insurance by definition runs out and contractually becomes more
expensive as you grow older. |
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Don’t buy life insurance as though it were a commodity. The knowledge of the
agent with whom you deal and the integrity of the insurer and their commitment to service
can make a major difference as to how cost-effective your life insurance will be. |
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