Bensman Risk Management, Inc.


Insurable Interests

Bensman Risk Management, Inc.
2333 Waukegan Road Suite 275
Bannockburn, IL 60015
847-572-0800 Phone
847-572-0502 Fax

Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 3, Issue 5January 2008

MONTHLY MESSAGE

Take Time to Check Beneficiary Forms

By Joel Feiger

When you purchase a life insurance policy or open a retirement plan (for example, participating in a company sponsored retirement plan or a personal IRA), you name a beneficiary who will get the money when you die. We recommend you review all beneficiary designations annually and upon life events (such as childbirth, divorce, death of a close relative). Most people make that choice when they buy the policy or set up the plan, and they don’t think about it again. But that failure to act can be devastating failure for the people you love.

That’s because life changes, and you need to make sure that your beneficiary designations change with it. For example, say you named your spouse as your primary beneficiary and your children as your secondary beneficiaries, meaning they get the money if you and your spouse both die. But years later, your marriage dissolves and you divorce. Maybe you marry again. But if you don’t change your beneficiary, your first spouse is still the beneficiary of your life insurance and your retirement fund. And that could be a financial disaster for your current spouse.

Even if you and your spouse remain happily married, you might want to reconsider your choice for secondary beneficiaries. As your children become adults, marry and have children of their own, do you want to name your grandchildren as secondary beneficiaries?

There are also estate planning and tax considerations in naming beneficiaries. Many people name charities, foundations, or trusts as beneficiaries. You may want to talk to your estate attorney or tax advisor about those concerns.

The bottom line, though, is that you want to be sure that you are protecting the people you want to protect. And something as simple as reviewing your beneficiary forms can help you do that. For help with this or any other financial planning need, call me or any member of The Bensman Group team, at 847-572-0800 or jfeiger@bensman.com


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