10 Ways to Choose the Perfect Life Insurance Beneficiary

Step 3 – Designate beneficiaries

If you’re married, you and your spouse are automatically considered each other’s beneficiary. When you’re single, it’s a good idea to designate at least one backup beneficiary who will receive money from your life insurance policy if something happens to you. This can be a family member, friend or anyone else close enough to make a serious difference in your survivor’s life.

Step 4 – Check your beneficiary designations

Make sure your beneficiaries are correct on everything, including 401(k)s, life insurance policies, and your will. Correcting a mis-designation could cost you as much as 25% of your hard-earned money. Protect yourself by checking all these documents regularly.