11/10/2022
Who can be a BENEFICIARY?🧐
In short, it's a person or entity with an insurable interest in you.
Most often, this will be a close relative, such as a spouse, sibling(s), a child or children.
Your designate needs to be of Legal Age (18+ Texas), known as the "Age of Majority." In the case of children, you can set up a TRUST that guides the "best interest of the child."
Under specific policies, a beneficiary may even be a business partner. As a rule, you should designate primary and contingent beneficiaries, since they will receive, as with life insurance, a payment known as a death benefit.
Finally, not naming a beneficiary could delay the benefit payment process while your estate is determined by a probate court. These are important decisions. It's best to consult with an agent.
To get answers for all your insurance questions, schedule a FREE 10-minute call with Mitch Kenvin; visit https://calendly.com/kenvinfinancial.