Home / Blog / Life Insurance / Beneficiaries Mistakes When You Choosing Life Insurance Policy
Life insurance mistakes are extremely common, financial advisers say, and can be devastating.
You would be shocked to know how often your life insurance is either not paid out immediately, or not paid out to the beneficiary you intended. Here are some life insurance beneficiary mistakes, starting with the most common and ending with some issues you may not have thought about at all.
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Another rare problem is if you live in a community-property state, which is any state in which goods or properties obtained after marriage are automatically considered joint property with your spouse. In these states, you need to have your spouse officially waive their right to be named beneficiary if you wish to name your adult child, or anyone other than your spouse. The community-property states are:
These are all the most common issues that your family could face if you don’t take action. And remember, your will does not trump your policy! If you change your last will and testament, and think that your life insurance is automatically updated, think again. The beneficiary listed on your life insurance policy is the ultimate receiver of your life insurance payout provided you didn’t make any of these common mistakes.
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Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.