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 …
Category: Life Insurance
Having a Baby? Why It’s Time to Review Insurance.
Health Insurance Before your baby is even born, review your coverage and make sure you understand how your plan covers your new family member, as well as the mother’s needs during pregnancy. Think about prenatal vitamins, prenatal screenings and neo-natal tests, delivery of your baby, and pediatric care for your newborn. Notify your insurance carrier. Generally, health insurance carriers ask that a newborn be added to a policy within 30 days of birth. The birth of a baby is considered a life event, and you are allowed to enroll the baby at birth instead of waiting for open enrollment to Read More …