Beneficiary designations should be clear, concise, specific, and must comply with State Insurable Interest regulations. They were never intended to replace a properly drawn Will or the ongoing management that can be provided by a Trust. Use percentages to set share size instead of fractions or amounts. Avoid naming "The Estate" as it could force the death benefit to go through probate before it can be paid out. Instead of naming minor-aged children, suggest having an attorney include a Testamentary Trust in the client's Will. As always, clients should rely on their own tax and legal counsel for specific guidance. This is not an exhaustive listing, but offers suggested wordings for some common situations:
This website is for licensed insurance agents and their support staff - Not for dissemination to the public.
The easiest way to sell life insurance!