Massachusetts Life Insurance Quotes
Choosing a beneficiary for your Massachusetts life insurance policy is one of the most important decisions you can make and it should be reviewed every few years. As always you need to consider when choosing or updating your beneficiaries any changes in your life around your relationships and family (marriages, births, deaths, divorces). Your beneficiary can be your spouse, children, grandchildren, relatives, friends, a charity, a trust or your estate. It is best to name an individual person as they will be able to receive the death benefits quickly and without taxation. If you name your estate, the Massachusetts life insurance policy proceeds will be distributed according to the will. When naming your spouse, use their legal name rather than husband in case of a second marriage as it could be interpreted as either the husband when the policy was purchased or the current husband. If you choose to name your children, you should indicate that the designation is either per stirpes (according to family tree) which means if you have two daughters and one passes away before you do, her children will receive her share of your policy proceeds, or per capita (per head), in this case the living daughter would receive the full proceeds. Also when naming minor children you will need to name a trustee as life insurance companies will not pay out the proceeds of a Massachusetts life insurance policy to a minor. You can name both primary and contingent beneficiaries for your life insurance, the primary beneficiaries will receive the death benefit if they outlive you and the contingent beneficiary only receives the death benefit if the primary beneficiary dies before you do. To change a beneficiary of your Massachusetts life insurance policy, a formal written letter will need to be sent to your insurance company.
If you have questions about life insurance and beneficiaries you can contact the Massachusetts Division of Insurance by calling 617-521-7794 or visit their website at www.mass.gov/doi.
