Naming A Beneficiary for Life Insurance Policy

1. Naming A Beneficiary for Life Insurance Policy Life Insurance Toronto Policy has become an inseparable part of today’s world. It offers you a chance to provide financial stability for your loved ones after your death. But just buying a life insurance policy is not enough, you also need to carefully name a beneficiary. A beneficiary is a person that will be receiving the payment of the policy after your demise. Normally the people named as beneficiary are spouse, parents, another family member, a friend, or any charitable organization depending on the person’s wish. You can either name a sole person or more than a beneficiary to receive the cover amount. If you name more than a person, the company may either divide the amount into equal parts among the number of people or divide it as per assigned proportions, if specifically mentioned by you. Naming A Minor Beneficiary If you plan on naming your children or any other person under the legal age, then you would need to set up a designated trustee or administrator to carry out the formalities on behalf of that person. If you do not name an administrator or a trustee, then the amount will be kept on hold and released when the beneficiary reaches his/her legal age. How to Name? You need to fill out the form and mention the name of the beneficiary while buying your life insurance Toronto policy. If you do not mention any name, the company will consider it by default as your estate. You should also consider naming a contingent or an alternate beneficiary. This is important in case of the demise of the beneficiary at the same time or before you. To avoid any such situations, it is better to update the policy details along with beneficiary names from time to time. Contact: Pranesh Kunhikrishnan Duralegacy 201-1501 Ellesmere Rd, Scarborough, ON M1P 4T6 (647) 351-3872 pranesh@duralegacy.com https://www.duralegacy.ca/life-insurance