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Who Should Be the Beneficiary of a Life Insurance Policy? Online Insurance Marketplace Answers
Date:11/26/2013

(PRWEB) November 26, 2013

Online Insurance Marketplace has released a blog explaining who should be entitled the beneficiary of a life insurance policy.

A life insurance policy will pay proceedings to a beneficiary chosen by the policyholder. Choosing a right beneficiary for a life insurance policy is very important because the named person will be direct beneficiary and will receive all the insurance proceedings. Once a life insurance plan pays out the benefit, the beneficiaries will have full control of the money.

Clients have to judge many things before choosing a beneficiary of their policies. There are many things involved in making this decision. For once, it is important to have a clear purpose in mind when buying life insurance. If, for example, a person buys a plan to secure his or her own funeral, the life insurance beneficiary should be a close relative or even a funeral house. If, on the other hand, a person buys life coverage to financially protect his or her loved ones, the life insurance proceedings should go to the spouse or the children.

There are several ways in which a person can have control over the insurance money. The simplest way is opening an insurance trust fund. The insurance payout can be deposited there after the insured’s death. The beneficiaries or other relatives can then have access to the money on certain conditions: if they use a part of the money to cover funeral costs, if they use the money to pay for college education.

Online Insurance Marketplace offers numerous tips for purchasing a life insurance plan. The blog offers more details on the subject and it can help many people choose the right beneficiary of their policies. The website also helps people find quotes from different life insurance agencies in t
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