Now that the Christmas chaos and excitement of the New Year has passed, it may be time to think about the great (and perhaps not so great ) moments of the past year. . Birth, marriage and other important changes in our lives if they bring us great joy or not, are things to contemplate as we enter a new year
Like many of us look back on the events important - especially with the ongoing changes in our lives, it is an excellent opportunity to examine the recipients of our personal life insurance policies (and other similar policies, such as critical illness, disability, etc.) to ensure that these policies respond according to our intentions. Consideration of things such as limits and recipients ensures that these policies reflect and pay in a way that honors his personal wishes when passing. Movement in the life of this is inevitable and continuous and easily missed. However, with these ongoing changes, it is important to ensure that your broker or agent took care of your personal insurance needs for your family and loved ones to be taken care of when you are gone.
Rogers Account Executive of insurance in life, travel and benefits - Aline Barker comments: "One of the advantages of life insurance policies is in which they offer an option to have a beneficial designated to receive the funds without going through succession and probate court and their costs - it is also important to note that all non-group benefits (purchased individually) life insurance policies are paid tax free the beneficiary. "
expansion on Barker's comments, the beneficiaries of these policies listed above are franchise tax profit (as long as they are paid with after-tax dollars, almost all individual policies are life insurance or supplied as a taxable benefit under a group plan) and typically circumvent or bypass estate and judicial approval - and as many may (unfortunately) know, probate fees (by province ) range of fixed costs as a percentage of the property value. Knowing this, it is important that policyholders should carefully consider their current beneficiaries and potential beneficiaries on their life insurance policies (and again, similar policies). The changes and stages of life of so it is marriage, dissolution of marriage, children born, or even death to an existing beneficiary should be examined thoroughly with a broker or agent.
Discussion with a broker or agent shall disclose in addition other personal insurance needs such as discussion of appropriate life insurance limits, other products such as critical illness, care long term and more. Other needs can come to light with the newly acquired assets as a new home, or changes in lifestyle and overall personal development and financial goals.
The beneficiaries are sometimes most of us are aware of when it comes to our life insurance policies, but that potential beneficiaries?
Barker elaborates on the importance of the potential beneficiaries, "always make sure that you have a potential recipient's name, especially when your spouse is the primary beneficiary as spouses spend more time together and can be involved in the same unfortunate circumstances that can have both go together. The children are often identified as potential beneficiaries with a trustee should they be minor if paid "She added," Naming the "field" as beneficiary or contingent beneficiary may also not be the best idea because it makes then return funds in approval. "
expanding on comments from Barker, it should be noted that the beneficiaries are indeed paid in case of "pass (before or in conjunction with the designated person), and are the main important beneficiaries as primary beneficiary during the consideration of how we want their policy to help their families and their relatives after its passage.
as we take time to reflect on the past year and ensure that family and relatives we intend to have supported with our policies are indeed listed and appointed - and if not corrected immediately with the help of a broker or agent and a thorough review of all of its financial requirements / long-term insurance.
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