Step 7 – Make sure you really want them to have your insurance payout
The first and most important step when choosing a beneficiary is making sure you really want them to have your insurance payout. It’s one thing to be generous while you’re alive, but it’s another thing entirely to have someone constantly cashing in on your death.
Step 8 – Consider your family’s financial security if you die unexpectedly
If you’re single, it’s important to ask yourself who will pay your debts if you die. If you have a family that depends on your income, don’t forget about life insurance. Without an adequate policy in place, they’ll be at risk of having their credit destroyed and having their house foreclosed on if they can’t make payments after your death.