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Gainesville Florida Estate Planning & Elder Law Blog

Monday, July 25, 2016

Reasons to Update Life Insurance Beneficiaries

A big decision that comes with putting together a life insurance plan is deciding who the beneficiary is going to be. You could consider your spouse, a relative, a child or even a business partner. Just because you make this decision when you first set up the plan doesn’t mean that it is permanent. The plan needs to be reviewed regularly, and it is crucial to make sure that the beneficiary is still the right choice.

As time goes by, things may change and because of that, you may need to change your beneficiaries. Here are some reasons why you may need to change your beneficiary.

  • You get married. This will not happen automatically, so you need to make sure that you sign your spouse as your beneficiary.
  • You get divorced. You will not be able to remove your spouse as your beneficiary until your divorce is final.
  • You have children. Sometimes the insurance policy will name “all children” and other times they will list the name individually. Make sure you check that in advance to signing your life insurance beneficiaries.
  • Someone predeceases. To avoid having an issue with this, you can name a contingent beneficiary, which is someone who will be next in line to receive your funds. If not, make sure to change the person’s name after they pass away.
  • You move to another state. Make sure to review your new state’s laws and see what you need to fix.

 It is very important to check your life insurance beneficiaries on a regular basis. You can even meet with your insurance advisor to make sure that everything is correct and up to date.  Not only will you have your finances planned out in an organized manner, but it will also prevent you from possible mix-ups in the future. 


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