When you apply for life insurance, or open a retirement account, you’ll be asked to name beneficiaries. This is an important step in financial planning. Failure to name beneficiaries can be a costly mistake, and one that can cause your loved ones a great deal of hardship after you’re gone. What’s a named beneficiary? A named beneficiary is the party who gets the life insurance death benefit, and/or the proceeds from an annuity or other financial account when you pass away. Generally, these should be individuals that you identify by name. Why are beneficiaries important? It’s crucial to list your beneficiaries Read More …
