In financial planning, one of the first things young parents do is buy life insurance to ensure their family is properly taken care of, should something happen to one of the parents. After all, who doesn’t want to take care of their family?
However, when making that investment, you need to make sure that you properly name your beneficiaries on the policy as well. It may be one thing to name your spouse as primary beneficiary, but naming your minor children as contingent beneficiaries could be a costly mistake. Moreover, this is only one potential mistake that may be unwittingly made.
To learn more about exactly what mistakes may be made in naming life insurance beneficiaries and how to ensure you don’t fall victim, click here.