How to choose beneficiaries when planning an estate? How many beneficiaries can be designated? What are the precautions?

3. How many beneficiaries can be designated?

You may designate multiple primary and secondary beneficiaries and allocate their respective proportions, totaling 100%.

4. Restrictions on beneficiary selection

Although anyone can be named as a beneficiary, some states and insurance companies may have specific restrictions. For example, community property states require written consent from one spouse to name someone else as a beneficiary.

Community property states include: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

[Do you only want to buy term life insurance for a few dozen dollars a month? ]

Most life insurance companies in the United States provide free online quotes. After filling in basic information, health status (such as whether you smoke or exercise) and expected insurance amount, you can prepare a personal insurance policy and provide a personal rate quote based on your personal situation. However, due to the different background conditions of each insurance company’s policyholders, the rate setting rules are different. The actual cost is related to the policyholder’s personal health status and awareness, so the specific amount should be quoted in person for the most accurate inquiry.https://www.consumersadvocate.org/embeds/v1?pcuid=u289dcedceaa

Warm Tips: Online inquiries usually offer larger discounts. If you further provide your phone number and let the insurance broker contact you, you may get an even bigger discount.

Tips for choosing a beneficiary

– Ask yourself key questions: Are you married? Do you have children? Who needs your financial support?

– Consider all options: If the relationship with your immediate family is complex, you may be able to name other relatives, friends or charities as beneficiaries.

– Planning Alternatives: It is recommended to designate both primary and secondary beneficiaries to cater for different situations.