It is very important to keep your life insurance policy up to date and that includes updating your life insurance beneficiaries.
I have found an excelent article that I want to share with you all that goes deep into the matter.
When to update your life insurance beneficiaries
Brad Cummins May 12, 2016
Certainly, a big part of putting together any life insurance plan is choosing who the beneficiary will be. Depending on the purpose of the policy, that person or entity could be a spouse, child, business partner or charitable organization, just to name a few.
And when we set up our life insurance plans, just like any other type of financial planning situation, we don’t do it in a vacuum. In other words, it happens during just one point in time — and as we all know well, life continuously goes on.
At a presentation for would-be Uber drivers attended by BuzzFeed News, a company representative advised getting less-expensive “personal” insurance that can leave drivers uncovered and in some cases lead them to incorrectly register their cars in violation of the law.
Uber is steering drivers to purchase auto insurance that leaves them uncovered when they’re trolling for fares and that often forces them to flout the law by lying when they register their automobiles, according to documents, interviews, and an Uber presentation attended by a BuzzFeed News reporter.
Term Life Insurance – Is The Cheapest Coverage The Best For You?
Many internet searches reveal that you can get free term-life insurance quotes and premiums that are up to 70% off.
With so many options available, is it always in your best interest to get the cheapest term life insurance coverage? And what does “up to 70% off your term life insurance” really mean?
Cost effective term life insurance is simply basic life insurance that pays out a lump sum after your death. The premiums for these polices are generally low because the policies are like your house insurance; there is no cash value.
There are two basic types of term life insurance – decreasing term life insurance and level term life insurance, but decreasing term life insurance is gradually being phased out.
What is Term Life Insurance?