When it comes to life insurance there are tons of elements that you need to work out. One such consideration is who you are going to name as the beneficiary of the policy. For those that live in the Canby, OR area, the agents with Oliver Insurance can help you make the decision.
For starters, it is helpful to know just what a beneficiary is. A beneficiary is the person that benefits from the policy in the event of your death. This means, the person that is going to be able to cash in the policy if you pass away. For the most part, as long as you have signed and officiated the documents, anyone can be named as the beneficiary on an insurance policy.
In most cases, parents tends to name either their children or the caretakers that will be given custody of their children in the event of their death. They may also name spouses, parents, brothers and sisters, aunts and uncles, you can even name your best friend as a beneficiary. If you feel as if the beneficiary status of the person you named may be questioned, you can always get the document notarized so that there is no issue.
For those that want to know how to name a beneficiary, you first need information like legal name, social security number, and address. These are all used to verify identity and to send paperwork to when the policy is being cashed out. If you are having trouble figuring out how to name someone as your beneficiary, you may want to contact an insurance agent to help answer your questions. For those that live in the Canby, OR area, the agents with Oliver Insurance are here to help and can answer all your questions.