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No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.
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To carry out a policy owner's intentions effectively so that the correct individual(s)/entity(ies) receive the death benefit proceeds, policy language must be detailed and unambiguous. Here are a few beneficiary designations to avoid:
Minor children: this does not take into account the fact that the children will eventually reach adulthood Children: when undefined, this could mean many things: children from the current marriage, a previous marriage, adopted children, step-children, illegitimate children Dependents: this limits beneficiaries to those actually dependent upon the policy owner for support