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.

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