What are Beneficiaries?
Life insurance is a valuable way to provide your loved ones with financial protection and security in the event that you pass away. When you purchase a life insurance policy, you will be asked to designate beneficiaries. In a nutshell, a beneficiary is an individual or entity who will receive all or a portion of the insurance proceeds that may become payable if you die. But there’s more to it! This video provides an overview of this common, but not always understood term.