What Is a Life Insurance Beneficiary?

– A life insurance beneficiary receives the policy’s death benefit if the insured dies during the policy term.

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– You can name a person or trust and appoint multiple beneficiaries, including primary and contingent beneficiaries.

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– You must provide accurate identification information for your beneficiaries so that they are easy to find and to minimize disputes.

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– Life insurance proceeds generally aren’t taxable, but some portions may be in certain circumstances.

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– Make sure you understand the life insurance rules for your state and how to handle naming minors before you proceed.

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