Help Prospects Choose the Best Beneficiary

Mar 27, 2019

In 2007, an aristocrat in Lisbon picked 70 people at random from a phone book and named them all as beneficiaries in his will. For the rest of us, selecting a beneficiary is a much more serious business. Sometimes, prospects and clients aren’t sure exactly who to name as a beneficiary on their life insurance policy. Here are some tips you can share with them:

  1. Age isn’t just a number. A parent may want to name their child as the beneficiary. However, if that child is still a minor, the money would not be distributed to them until they are 18 or 21 years old. But what if the child would need those funds immediately? A wise alternative would be naming your non-adult children’s acting legal guardian as the beneficiary.

  1. You don’t have to play favorites. If your client is worried about selecting just one person to receive their death benefit, remind them they can select multiple beneficiaries: a primary and a contingent. Should the primary beneficiary be unable to accept the death benefit, the contingent beneficiary will be next in line.

  1. Nothing is set in stone. The folks in the financial industry understand that sometimes life just happens. The person your client named as a beneficiary 5 years ago may not be the best choice today. That’s why it’s important to note that clients can update their beneficiary in the case of major life changes. Keep in mind, if they also name a beneficiary in their will, they will have to update it so it matches the new policy.

For more helpful advice, please visit our Webinars & Training Opportunities app in myAdvisorCloud or give your Brokers Alliance Agent Relationship Manager a call at 480.296.0169.

piggy bank.png



Category:

Category List


Tag List

resources (1)
Fixed Annuities (8)
advanced planning (2)
Social Optimization (3)
Beneficiary (1)
Retirement Planning (24)
Indexed Annuity (3)
leads (6)
products (5)
advanced markets (1)
selling (1)
Life Insurance (87)
buy sell agreement (1)
IRA (1)
case studies (2)
2019 (1)
Production (1)
sales presentations (1)
Roth (1)
Training Event (1)
Star Wars (1)
Retirement Strategy (4)
illness (1)
Retirement (10)
FIA (1)
Immediate Fixed Annuities (1)
underwriting (1)
Marketing (12)
MYGA (10)
Tax Benefits (2)
Waste Management Open (1)
industry trends (1)
Gift (1)
Best Rates (1)
Facebook (2)
end of year (1)
RMD (1)
E-App (1)
Cash Value (1)
business owners (4)
business planning (6)
consumer marketing (6)
presentations (2)
key person (1)
sales kit (1)
Sales Concepts (12)
trends (1)
Annuity Concepts (12)
Market Exposure (1)
Investments (2)
Social Media (8)
Generation Y (1)
life 101 (2)
Content Building (2)
premium deposit account (1)
PIA (2)
DOL (2)
Charity (2)
Life Insurance Check Up (6)
life insurance awareness (1)
Financial Legacy (6)
private pension funding (1)
Benefits (1)
estate planning (2)
Insurance (21)
Video On-Demand (2)
Breast Cancer Research (1)
Sales (23)
Mobile App (1)
Breast Cancer Awareness Month (4)
Required Minimum Distribution (1)
Brokers Alliance Open (1)
Protection (1)
Legacy (1)
Life Insurance Evaluation (8)
living benefits (6)
Financial (4)
Quoting Tools (1)
PPC (2)
Life Insurance Broker (15)
training (3)
Millennials (6)
march madness (1)
Webinar (1)
Health Care (1)
Variable Annuities (1)
Retirement Investment (4)
Media (2)
permanent life insurance (3)
Looking Forward, Giving Back (1)
instant decision (1)
business solutions (4)
life happens (1)
Universal Life Insurance (2)
Executive Bonus Arrangement (1)
Annuities (30)
non-med (3)
final expense (1)
social security (1)
networking (1)
Long Term Care (4)
injury (1)
Premium Finance (4)
Donation (1)
Advice (1)
Death Benefit (2)
Legacy Planning (1)
Life Quotes (4)
Financial Planning (20)
gul (2)
Prospecting (4)
Asset-Based LTC (1)
Pitch (1)
rates (1)
hiring (6)
Leaderboard (1)
Alternative Investments (2)
Brokers Alliance (8)
Brokers (2)
Annuity Update Show (11)
Life Insurance Awareness Month (6)
Clients (2)
Hybrid Products (1)
Life Insurance Trends (20)
Additional Earning (1)
Income Planning Academy (1)
Growth Opportunity (1)
Long-Term Care Awareness Month (1)
Charitable Giving (3)
Healthy Living (1)
Tips (3)
Deferred Fixed Annuities (1)
Life Insurance Brokers (6)
Brand Values (1)
Alternatives (5)
Baby Boomers (1)
funeral (1)
business (1)
earning opportunities (1)
term (6)
Gender Gap (1)
Interest Rates (1)
Income (1)
IUL (12)
Life Insurance Update Show (9)
term life (8)
review (2)

Tag Cloud

life insurance awarenessRothLife Insurance BrokersGender Gapnon-medAdvicelife happensSales ConceptsinjuryClientsInvestmentscase studiesVideo On-DemandnetworkingDeath BenefitfuneralillnessBaby BoomersbusinessMillennialspermanent life insuranceLife Insurance Awareness MonthImmediate Fixed AnnuitiesRetirementIndexed AnnuityBreast Cancer Awareness MonthCash ValueProspectingbusiness ownerssales kitFixed AnnuitiesAdditional EarningratesBrand ValuesContent BuildingSalesadvanced marketsbusiness planningTipsBenefitsIncome2019leadsRMDProductionLong-Term Care Awareness Monthterm lifeLeaderboardSocial MediaBrokers Alliance OpenUniversal Life InsuranceFacebookBrokersInsurancesellingkey personQuoting ToolsGeneration YIRAinstant decisionFinancial PlanningPitchWaste Management OpenSocial OptimizationGiftguladvanced planningFIATraining EventTax Benefitsbuy sell agreementBrokers Allianceprivate pension fundingMobile AppE-AppLong Term Careend of yearInterest Rateslife 101Deferred Fixed AnnuitiesLegacy PlanningLife InsuranceBeneficiaryAlternative Investmentstrainingsales presentationsRetirement Strategyliving benefitsLife Insurance Check UpLife Insurance Update ShowWebinarhiringLooking Forward, Giving BackCharitable GivingPIAIncome Planning AcademyAlternativesAsset-Based LTCHybrid Productssocial securityAnnuity ConceptsFinancialExecutive Bonus ArrangementBreast Cancer Researchestate planningDOLHealth CareresourcesStar Warsfinal expenseAnnuity Update ShowVariable AnnuitiestrendsLife Insurance BrokerPremium Financetermunderwritingconsumer marketingMediaRequired Minimum DistributionIULLife QuotesPPCearning opportunitiesFinancial LegacyMarket ExposureRetirement PlanningGrowth Opportunitypremium deposit accountAnnuitiesindustry trendsHealthy LivingLegacyMarketingpresentationsDonationbusiness solutionsLife Insurance EvaluationProtectionmarch madnessproductsLife Insurance TrendsreviewRetirement InvestmentCharityMYGABest Rates


Archive