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Getting Life Insurance Essay

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Getting Life Insurance? Know How To Protect A Child’s Best Interests Many people don’t consider a life insurance policy a priority, with 43% of people not having any type of life insurance coverage. While most of us plan to live a long time, the unexpected can always happen. Being prepared is very important when you have kids, and life insurance can help ensure that your kids are supported financially in a situation where you pass away too soon. These tips will teach you how to keep a child’s best interests in mind when getting life insurance. Make Children Contingent Beneficiaries It’s common to list a spouse a the policy’s primary beneficiary, but what would happen to your life insurance if both of you were to get in an accident at the same time? Listing children as a contingent beneficiary is the solution to this problem. …show more content…

The contingent beneficiaries only receive money if the primary beneficiary also passed away. For younger kids, it even helps to make the life insurance policy part of a trust. Select A Plan That Allows Revocable Beneficiaries Beneficiaries fall into one of two classes: irrevocable and revocable. If you have the choice, a life insurance policy that has revocable beneficiaries is the best option. While you may list your spouse as the beneficiary now, you must realize that every marriage doesn’t last forever. The option for a revocable beneficiary means that you can change who receives the policies benefits at any time. Life insurance policies that have irrevocable beneficiaries can still have them changed. The big requirement is that the beneficiary must consent to the changes. This can be difficult if you are changing the beneficiary due to a divorce, and you now want the benefits to go directly to your kids or to their guardian. Give Percentages Instead of Dollar

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Chris Alexanders life insurance policy which listed Brandi Alexander as the sole beneficiary Brandi Alexander will take the stand today and take us back to the beginning of her relationship with Chris Alexander To the day that she first met Chris Alexander Brandi Alexander will paint an image of Chris Alexander’s reputation with women from the first day she met him Brandi Alexander will paint a picture of the discomfort she felt with his reputation from back when they first met Brandi Alexander will tell you how she felt when women were too friendly to Chris years after they were married Brandi will paint the picture of the reassurance that Chris provided to put her concerns at bay Brandi will paint a picture of a dysfunctional marriage and she will tell you she grew use to it … that she learned to not ask questions and ignore glaring

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Dan and Erma are a couple that were surprised to find out that Dan’s employer had taken out a life insurance policy on him in the event of his death. Dan died of cancer, and Amegy Bank named their selves as the beneficiary in a life insurance policy for $1,579,399.10 in the case of Dan’s death. It is a sad thought that a company could make a profit on the death of an employee. As Moore said there is a law prohibiting someone from taking a fire insurance policy on someone else’s house, but an employee can take out a life

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Even more, you get permanent protection until you die as long as you pay the premium. With whole life insurance, you can add riders to your policy to make it suit your better. There are numerous riders you can choose, including disability income rider, accelerated death benefit rider, waiver of the cost of insurance, term life rider on whole life insurance policy, and so much

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