The SafeEstates Blog

Life Insurance Owners & Beneficiaries

Life insurance can be a powerful tool for managing risk in a business succession plan or an estate plan. Life insurance occasionally has unintended consequences, for example, when a minor child or young adult is named the beneficiary of a large policy. What would you have done at age 18 with a million dollars? We recommend periodically asking your insurance agent or insurance company for written confirmation of the status of your policies in a policy statement (identifying the policy owner, insured, and beneficiary) and an inforce illustration (projecting future premiums, cash value, and death benefits. If you have already obtained and verified your policy status recently, congratulations on keeping your affairs in order!