You have life insurance, 401(k), and an IRA so now you can just sit back and save for your future, right? Well…no. When you signed up for those plans you were asked to name a beneficiary, someone who will receive those proceeds or death benefit in the event of your death. Do you know who your beneficiary is? If you said no, it’s definitely time to check. The person you chose as a beneficiary when you first enrolled may not be who you want as beneficiary now.
Say you were a single 20 year old who listed your mom and day, and now 10 years later you are married with children. Do you still want that benefit to go to your parents in the event something should happen to you? Chances are you would like that money to go to your spouse and children. Or even worse say you had an ex-spouse listed and were re-married. You for sure would want those benefits going to you new spouse, not your ex.
The point is, you need to do periodic reviews to make sure everything is up to date. Most companies will send you some kind of Annual Review showing your policy information. That would be a good time to review your policies and beneficiaries. Another time to review beneficiaries is if there is a life changing event such as marriage, birth, divorce, or death.
Call us today to schedule your review, we’re here to help you and your family. 419-522-9892