Who Should Be Your Primary Beneficiary?

One of the first things you do when purchasing life insurance is to determine who will be your beneficiary. At Freeland Insurance, the licensed and bonded agents can assist Oklahoma City, OK residents in choosing the right person to be the recipient of the proceeds from their life insurance. In most cases, a spouse or partner is often the most common choice, but there are times when choosing someone else may be necessary.

Spouse or Partner

For most life insurance policies, the insured normally chooses their spouse or life partner to be the beneficiary of the proceeds from a life insurance policy. If they are single, it can be a business associate or the executor of their will. A life insurance policy is purchased to help a wife or husband to remain financially stable for a period of time after the loved one passes away.

Caring for the Children

If the deceased has small children and the spouse is financially secure on their own, the beneficiary may be chosen to monitor the proceeds once they are placed in a trust. The trust fund can be used to pay for the children’s needs or can be set aside for their education. Beneficiaries are often chosen based on the fact that they knew the insured’s intent prior to their passing.

If you live in the Oklahoma City, OK area and are interested in purchasing a life insurance policy, the agents at Freeland Insurance can help you choose a beneficiary that will take care of the proceeds of the policy when the time comes. Call and schedule an appointment today so that you can decide who will take care of your family and keep their best interest at heart.