The next step after purchasing a life insurance policy is to choose a beneficiary. Your beneficiary is the person (or persons) who will receive benefits from your policy after you’re gone. Beneficiaries can be relatives, friends, colleagues or charities. Here are a few tips on choosing a beneficiary for your life policy.

Children and Spouse

If you are married, you’ll probably want your spouse and kids to be your beneficiaries. It’s only natural to want to provide for these loved ones after you’re gone. With the proceeds from your life insurance policy, your family will have funds to pay daily expenses, monthly bills, personal needs, school needs and more. Life insurance benefits can give your family financial stability after you’re gone.

Aging Parents, Business Partner, Significant Other

Singles could choose aging parents, a significant other, business partners or favorite charities in Cincinnati OH as beneficiaries or divide the proceeds among any of these. Life benefits can supplement your parents’ pension in their retirement years, giving them extra income to cover their needs. In the case of a business partner, proceeds from your policy can help pay your share of expenses to keep the company going after your demise. Life proceeds can also help a significant other pay off any debts you accrued while living together such as car loan or mortgage.

Charity

Many people choose charities as their beneficiaries, dividing proceeds to support their favorite causes. You can designate the number of funds you want each charity to receive or divide proceeds equally between the charities you choose as beneficiaries.

A life insurance policy from Advantage Insurance Network can go a long ways towards helping loved ones upon your demise. For more information on life insurance policies and costs, contact Advantage Insurance Network, Cincinnati, OH.