What is a Life Insurance Beneficiary?

Purchasing life insurance is not something many look forward to doing or discussing with their family. However, it is vital to have all of our affairs in order and provide for our family’s financial future after we die. The most crucial part about Dallas, TX estate planning is selecting a designated beneficiary for your life insurance policy, ensuring your loved ones are provided for. Call D&B Insurance Solutions today to discuss your life insurance options and how to select a beneficiary. 

What Is a Life Insurance Beneficiary? 

A beneficiary is someone who received the cash payout and other benefits from a life insurance policy upon your death. It is possible to have two beneficiaries, one of which is the primary and a contingent beneficiary. Having a contingent beneficiary is a good idea because they receive the payout when the primary predeceases you. Additionally, you can have your death benefits paid out as a certain percentage to each beneficiary. 

How Do I List My Beneficiaries? 

When naming beneficiaries for an insurance policy, you must be as specific as possible and write down full names. To prevent confusion:

  1. Be precise in naming who received the cash payout.
  2. Do not use generic terms, such as "spouse" or "wife/husband," because an ex-spouse could try to claim the benefits.
  3. If available, write down the beneficiaries’ full names and include their social security number on the insurance policy. 

How Do I Select a Beneficiary? 

Before selecting a beneficiary, ask who would be put in a difficult situation should your income vanish. This person could be a spouse, child, or another family member. Some choose a trustworthy person as the primary beneficiary to ensure everyone adheres to your wishes as to how much money each person receives. 

Selecting a beneficiary in most cases is easy because many in Dallas, TX put their spouse or children down. However, this option is not best for everyone. Call D&B Insurance Solutions for help setting up a life insurance policy and discuss your options for beneficiaries. 

Why should Dallas businesses get commercial insurance?

The Dallas, TX metro area continues to expand at a quick pace due to the benefits it provides to local residents. Along with this, starting a company in this part of Texas can be a good option. As you are looking to originate and grow a company in this part of Texas, having the right insurance in place is quite important. There are a lot of reasons the typical business here should have commercial insurance. 

Protection for Company Assets

An important reason for anyone to have a commercial plan for their business is that it will protect your assets. Those that are going to be business owners in this part of the state will have to invest in various assets to grow the organization and losing them could be a major setback. If you have a commercial insurance plan, you will have the support needed to repair or replace company assets. 

Liability Support

You should also get a commercial coverage plan to receive liability insurance. Those that operate any type of company are going to take on liability risk. This could be a significant concern if someone gets hurt using your product or service. Fortunately, this risk is mitigated if you get a commercial insurance plan as it will include a full provision for liability coverage. 

A business in the Dallas, TX area should always get a commercial coverage plan. If you are looking to evaluate the insurance needs for your company, it would be a good idea to call D&B Insurance Solutions. There are a lot of choices that need to be made as you are evaluating your commercial coverage options and D&B Insurance Solutions will make the process easier. This support can help ensure your business gets the proper insurance coverage it needs.