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Naming a beneficiary is one of the most critical parts of a life insurance policy. However, sometimes your life changes in Boise, ID. You may no longer want the original beneficiary to receive the proceeds, but can you change the designation? Fuhriman Insurance Agency can help you name or change beneficiaries on your life insurance policies.
Who Can Change a Beneficiary?
The person who took out the life insurance policy is the only person who can designate or change a beneficiary. Most companies only allow one beneficiary, but some policies allow you to list more than one. You should also be able to name a contingent beneficiary to receive the payout if the primary beneficiary has died or cannot receive the funds. You can change your beneficiary virtually without a fee or penalty.
Some situations require you to get approval before you change a beneficiary. For example, if you have your spouse listed as the beneficiary and want to change it to one of your children, you’ll need your spouse’s permission because Idaho is a community property state. You’ll also need permission if you have a designated power of attorney or an irrevocable beneficiary.
Keeping Your Beneficiary Designation Up to Date
Like trusts and wills, you should review your life insurance documents periodically to ensure the policy reflects your wishes. Certain life events, such as divorce, marriage or remarriage, having a child, or the death of a loved one, are times when you should review your policy. If you fail to keep your beneficiaries current, the wrong person could receive the funds.
If you’re interested in changing your life insurance policy beneficiaries, Fuhriman Insurance Agency, serving Boise, ID, can walk you through the process and ensure you have the proper designations. Contact us to schedule your consultation.