It’s important to consider how your death impacts those around you, even if they aren’t related by blood or marriage. Life insurance allows you to safeguard any individual you choose as a beneficiary of a policy, which he or she will receive at the time of the policy holder’s death. A beneficiary could be a child, a spouse, a relative, or even a family friend. For those in committed relationships who are not married, a life insurance policy may be one of few benefits that will protect the surviving partner after the other passes on.
The protection offered by life insurance can only work properly if the life insurance policy mirrors the policy holder’s wishes. In other words, your policy needs to agree with you on who to protect and support after your death. The only way this can happen is by making sure that your listed beneficiaries – the ones who will receive the benefit of your policy once you die – are correctly listed.
By using our free Life Insurance Beneficiary Change Request (General) form, you can make sure that your life insurance company is formally advised of your choices after your death, and you may even determine which portion of the benefits each of your beneficiaries will receive.