Beneficiaries – Who, What, and How to Protect the Proceeds of an Insurance Policy

By Roz Jones

The purpose of an insurance policy is to protect against loss. In the case of life insurance or other health-related policies, there is a beneficiary other than yourself who will receive proceeds from your policy.

For most policies, you will determine who the beneficiary(s) are and what percentage they receive if there is more than one. Some policies, such as those protecting business interests, may require partners or other stakeholders to be named as beneficiary.

Did you know? Millions of dollars go unclaimed annually due to the fact beneficiaries are unaware they are named recipients of policies?

When you choose to protect your assets and your family, naming a beneficiary entitles them to tax-free dollars to offset costs and provide income during their time of grief, loss, and transition. That’s a noble and important thing, but there are important steps that need to be put into place to insure they receive their proceeds.

Step #1. Name a beneficiary and a successor beneficiary. Times change and naming a beneficiary should change with the times. If you name a beneficiary and you outlive them, you must make sure to change the beneficiary or have a named successor in place. Sometimes an adult will be named in lieu of a minor to protect and manage proceeds until a minor comes of age. Your insurance agent can help you decide who to name and your estate-planning attorney can make sure all the documentation is in place.

Step #2. Keep policies with your will and trust. It won’t help anyone if they don’t know where to find your policy information. Keep your policy and the contact information for the company, your agent, and your attorney together so your family members can take action in the event of your death.

Step #3. Tell your beneficiaries they are named. Perhaps you don’t want to alert people to the fact there are specific people named as beneficiary of your policy. It can be highly personal and might cause some waves; however, your beneficiary should be made aware that they are named so they know to take action and proceeds are claimed. At the very minimum, be certain your attorney or the executor of your estate is aware of who the beneficiaries are and where to find them.

Step #4. Keep up to date records. Things change. Names and contact info may change over time. Be sure to keep your records up to date. Consider reviewing your policies and beneficiary contacts annually and note any changes so there is no interruption should you pass away.

Being named a beneficiary is an honor and a wonderful gesture on your part. Preserving your plan to benefit others and provide after your death is easier when you follow these simple steps.

Insurance – Planning Ahead for Optimal Choices

By Roz Jones

Depending on your career track and options, you may have a retirement plan in place that you have contributed to. This is an excellent way to save for the future and help guarantee income after retirement. Sometimes your retirement income is all you need to live life in the manner you are used to and sometimes… not so much.

There are lots of ways to increase your savings and make investments that will add to your income down the line. Your financial planner will have lots of information about ways to save that help you avoid taxes and maximize income. Make an appointment and see what’s right for you.

Another great way to save for the future and provide income in the case of an extended illness and/or death is through insurance products. Life insurance and other insurance products can provide income when you need it most and help safeguard your family in the event of your death. Here’s how:

Life insurance- Life insurance can protect your assets and your family’s way of life in the event of your death. If you should die, you can provide enough money to pay off a mortgage and income for your widow to get back on their feet and move forward.

Did you know? Life insurance isn’t just about insuring a working spouse. You can insure your children, which keeps them eligible for coverage when they become adults – regardless of their health history. This is a very big deal should your child suffer a childhood illness that might otherwise become a pre-existing condition. Consider purchasing a life-insurance policy for your child to guarantee they get coverage when they become an adult.

Asset insurance- Insuring your assets, like your car, is mandatory. Generally, so is homeowners insurance. Did you know you can also insure big ticket items? Properly insuring your personal items can be very important against theft and loss. If you are a renter, you should also insure your contents and have coverage for liability in case something happens under your roof. Though asset insurance won’t generate retirement income, it is important to insure yourself against all forms of loss so you don’t face expenses unnecessarily later in life.

Annuities- Annuities are an insurance product that offer tax-deferred income after you retire. While life insurance pays out after you die, annuities collect income and pay out before you die. This can create another income stream that is outside of your work-related retirement plans.

Insurance riders- A rider is a policy extension that adds benefits or modifies an insurance policy to enhance or expand the benefit. Riders can provide excellent income for medical events or other unexpected needs that pop up as we grow older. They sometimes can make all the difference in the quality and quantity of care or income if there is an accident or illness.

Insurance is often an excellent way to supplement retirement income and safeguard against unexpected illness, injury, or death. Being aware of what is available and investing wisely can be a great compliment to your investment portfolio.

Funeral Planning Doesn’t Have to be Creepy

By Roz Jones

In many cultures, funerals are a joyous occasion. Sure, it’s sad to lose someone you love and depending on the circumstances, it might be more intense, but funerals are a celebration of life as well as an opportunity to say goodbye.

Funeral planning doesn’t have to be creepy. People don’t have to dress in black and cry the whole time. Funerals should be a reflection on the life of the person who has passed and an honorable yet celebratory, way to remember them.

Here are some non-creepy ways to plan a funeral:

Create a slide show or video- Gather an assortment of pictures, video clips, and other images put to music for an entertaining and positive way to celebrate life. Life is all about making memories and those memories become more precious after someone dies.

Share stories that are funny- There’s nothing wrong with laughing during a funeral. Encourage guests to share funny stories that everyone can enjoy during the service. Making things lighter in the room can offset the heaviness of the occasion.

Create a theme for the funeral- Families have themes for all sorts of gatherings, why not for a funeral? If your loved one adored something specific, make it part of their funeral. Celebrating something a deceased person loved is another way of honoring how they lived. If your loved one loved boats, racecars, or the color purple – incorporate their love into the celebration of life.

Give back in their honor- A funeral for a teacher included bringing backpacks filled with school supplies in lieu of flowers. A funeral for a child who dies of kidney disease included friends and family registering to be donors for other children in their honor. It’s always a good thing to do something to help ease grief and loss. Giving people something to focus on can make attending a funeral easier.

Leave a message for those you love- Your funeral can be special by leaving a video, letter, or recording sharing how much you love and appreciate them. Not everyone knows when they are going to pass on but sometimes there is a general idea. Your messages can soften the blow and make the funeral an opportunity to share your thoughts, hopes, and dreams for the people attending in your honor.

Funeral planning isn’t something people usually think about until it happens. When emotions are running high, it can make planning hard. There are no rules for a funeral but there certainly isn’t a rule that they must be heavy and burdensome. Funeral planning doesn’t have to be creepy. It can be free and easy like the life you are ready to celebrate.

Key Professionals Who Help Make Important Choices About Your Future

By Roz Jones

Your estate and everything in it is yours to make decisions about. You can decide to do whatever you want with your assets while you are alive and after your death as long as you are of sound mind in doing so.

Wanting to protect your assets is normal and wanting to make sure you make good decisions is wise. You may not have the background or working knowledge about how to protect yourself legally, financially, and medically but there are experts who do. Their job is to offer you information and services that organize and carry out your wishes, making it possible for you to protect yourself as you grow older.

Here are some key professionals who help make important choices about your future.

Financial Planners: As early as possible in your work life, it’s great to work with a financial planner who can help you best understand how income, taxes, investments, and savings all work together. A financial planner knows the current laws, what products produce the best results, and how to invest and save your money for whatever long-term plans you have.

Insurance Agents: Like financial planners, insurance agents can help you save and protect your assets for the future. From insuring your car, home, and personal property to helping with life insurance and other forms of insurance that generate death benefits, or other income. An agent can help increase your income after you retire or in the event of a catastrophic life event.

Primary Care Physicians: Outside of being the go-to for your healthcare, your primary care physician can help you create and carry out your advance directive and DNR notifications. Having someone to talk to with a wide-range of medical knowledge can help you sort through the options and make decisions that will protect you if/when there is a medical need.

Probate Attorneys: There are attorneys who specialize in writing wills, trusts, and helping people make important decisions about their estate. These attorneys have streamlined ways to help you organize your information and legally protect your estate before and after your death.

You don’t have to know all there is to know about medicine, money, and the law to protect yourself. You can access professionals who specialize in each of these areas and make informed decisions you can trust and count on when you need them most.