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How to Choose a Life Insurance Beneficiary: Top 7 Tips

Whether you’re reconsidering the terms of your policy after decades of coverage or just now requesting a quote, life insurance can feel overwhelming. Once you have figured out how much coverage you need and whether term life insurance or whole life insurance is more appropriate for your situation, you still have to choose your life insurance beneficiary. In some circumstances, the decision might be pretty straightforward. But in many others, choosing a life insurance beneficiary comes with more caveats than you might have considered. Here is a quick primer on how to choose your life insurance beneficiary: Choose a Life Insurance Beneficiary (or Beneficiaries) Based on Your Situation Essentially, your beneficiaries should be chosen based on the people who are financially dependent on you in any significant way. These dependents – not always the same “dependents” you would claim on your tax return, are likely different for everyone. If you’re…