Life Insurance: Tips in Choosing the Best Insurance Policy For You

11. Identify a beneficiary well.

The beneficiary of your insurance policy is the one who will get the proceeds. Usually, it is the spouse or the children but it is advised not to name a minor child as the sole beneficiary alone. Also, if you plan to leave your proceeds behind for your business, it should be stated how it will be used.

You can talk with your independent insurance agent about the considerations in identifying a beneficiary. Also, it is important to choose a trusted family member whom you can make other arrangements with.