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Time to Check Your Beneficiaries
The beginning of the year is a good time to check the beneficiaries you have chosen for your life insurance, retirement plans and any other account for which you had to name a beneficiary. Most people choose a beneficiary when they open the account or buy the life insurance. However, life changes might create a need for you to change your beneficiary.
For example, if you are single when you take out your insurance and then you marry, you might want to make your spouse your beneficiary. On the other hand, if you are married and then divorce, you might want to remove your former spouse as beneficiary. If you have young children, you could make them secondary beneficiaries. If your children are grown with children of their own, you could make your grandchildren your secondary beneficiaries.
While you are checking the beneficiary on your insurance policies, you also should consider whether the amount of insurance coverage you have is still adequate for your needs. To discuss these or any other issues, call us at 847-572-0800.