What is a life insurance beneficiary?

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When it comes to life insurance, what is a beneficiary?

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Well, imagine a life insurance policy as a way

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to help protect your loved one's finances after you pass away.

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You pay into it now so that the person or persons

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you choose receive the benefit from that insurance policy,

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they are called a beneficiary.

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Maybe you're wondering who a life insurance beneficiary can be.

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Your beneficiary can be just about anyone you choose;

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even multiple people can be the beneficiaries of a policy.

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A spouse, a child, sibling or even a friend-

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whoever you want to receive the income tax-free payout.

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And as life changes,

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like if you get married, have kids or start a business

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you can change your beneficiary at any time.

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What does a beneficiary have to do?

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A beneficiary simply provides their current contact information

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so they can receive the benefit from the policy if you pass away.

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So whether you're just starting out with life insurance or considering a change,

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choosing a beneficiary could be a key part of helping protect

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the finances of your loved ones after you're gone.

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