by Donn J. Sinclair – Charlotte NC – April 5, 2018
You select beneficiaries to receive the insurance proceeds of your term life insurance policy should you die during the term period. Normally you designate beneficiaries on your insurance application, and you also normally retain the right to update that designation as you desire. Designating and keeping current your term life insurance beneficiary designations provides you the final say in whom receives your insurance proceeds. Please note that your insurance carrier and state may have limitations on your beneficiary designations with special considerations for spouses and minors.