When you are purchasing life insurance in Concord, North Carolina, you may pause when you reach the section regarding the beneficiary. The beneficiary is the individual who will receive the money when you pass away and many individuals list a spouse, child or other family member as the person who will receive the funds. Although it is common to list a family member, you may not be required to list family members if you have another individual in mind.
Listing Other Individuals
Life insurance is a great way to ensure that loved ones are financially secure after you pass away, but if you do not have any familial responsibilities or if you have another individual in mind, then you may want to write down the name of a different person.
The best solution is to ask your independent agent about the policy before you apply. In most cases, you can list another person as the beneficiary, even if they are not family members.
Groups or Organizations
Although you may assume that a beneficiary is a person, some insurers may allow you to list a charitable organization, a group or a company rather than a person. For example, if you want to leave money for your college to set up a scholarship program, then you may decide to leave the funds to your college.
When you are filling out the paperwork for your life insurance, it is not necessary to list a family member as the person who will receive the funds. You can list another person or even an organization through many insurers. If you are not sure about the process or you want to ask questions, then call us today to talk to an independent agent for more details.