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Death is something most people don’t like talking about but it is imminent and has to be discussed to help secure the future of your loved ones. This is why choosing a life insurance beneficiary is important and has to be given a serious thought. It can be challenging to pin down the one person who should end up as the insurance policy beneficiary but that is exactly why you are reading this. Let’s look at how you can designate a beneficiary and if you can choose a minor:
A beneficiary, in the case of life insurance, is the person who will receive a lump sum amount as a death benefit in the event of death. This person is designated by you as the beneficiary while buying an insurance policy. Anyone can be named the beneficiary, be it a person or a trust. The individual can be your father, mother, spouse, child, relative or friend. But it is recommended to write a Will if the beneficiary is not a family member, to make the nomination effective and the claim proceedings smooth. However, it is necessary to consider who should be the ultimate
beneficiary and receive the death benefit.
It is very natural for you to designate your child as the life insurance beneficiary. But if you pass away before your child has become 18-years of age, the death benefit will be given to the guardian or the person who has custody of your child. After he/she comes of age, the claim money will then be given to the child.
To claim the death benefit if you are the life insurance policy beneficiary, you will have to send a claim intimation form to the insurance company. The form will ask for your personal details and also of the person who has passed away. After you submit the form successfully,documents like death certificate, proof of you being the beneficiary, copy of the insurance policy, etc. will be requested. The insurance company will then verify the documents and settle the claim.
Though naming a beneficiary can be challenging, it becomes vital if something were to happen to you in the future. But now that you are well aware of choosing a recipient for the death benefit and how a claim is made, you can pick the right person as the beneficiary and educate them.
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