When Did You Last Review Your Life Insurance Beneficiary?

You may remember why you bought life insurance. But can you remember who you listed as your beneficiary—and when you last checked?

For families in Etna and the Greater Bangor area, reviewing that detail is a practical part of keeping household paperwork current.

Start with the names on your policy

Your primary beneficiary is the person or organization designated to receive your policy’s death benefit. A contingent beneficiary provides a backup if a primary beneficiary dies before you, subject to the policy’s terms.

Review both designations. If you have named several people, confirm that the shares listed reflect your wishes.

Has your family changed?

Marriage, the birth of a child, divorce, or a death in the family can be a reason to revisit your choices. The National Association of Insurance Commissioners recommends checking beneficiaries and their contact information annually.

Ask yourself:

• Are the people listed still the people I intend to protect?
• Are their names and contact details current?
• Have I included a backup beneficiary?
• Do my designations need attention because of a family change?

Make updates through your insurer

If a change is needed, ask your insurance company for its required process. Follow through on the paperwork and request confirmation that the update has been recorded.

If your plans involve minor children, a trust, or a complicated family situation, involve an attorney along with your insurance professional. Those choices deserve careful wording.

Help your family find the information

Tell your beneficiaries which company holds the policy and where to find the policy number and documents. Clear records can give your family a useful starting point when they need it.

Start with one useful question

“Does my policy still reflect the people and priorities in my life today?”

Contact John Costello at The Costello Agency to discuss your life insurance coverage and questions to raise with your insurer.

Visit johncostellomaine.com.

Sources: NAIC: What Should I Know About Life Insurance Beneficiaries?; NAIC: Life Insurance.