Life insurance is something that is vital for every adult, and some children. Life insurance provides a death benefit when one is needed most, when someone has died. There are multiple types of life insurance including term, universal life and whole life. Within those broad categories there are certain subsets like annual renewable term insurance, variable universal life insurance, indexed universal life insurance, blended whole life insurance etc. I try to help people understand how much and what kind they might need to research.
It has been over two years since I last reviewed my insurance policies, so I figured it was time to check in on them - and I am glad I did! The main reason I am glad I took a look at them is because my contingent beneficiaries were all wrong! I live in this life insurance, estate planning world and even I forgot to update my beneficiaries when my daughter was born. Please if anything, take this opportunity to stop reading and make sure your beneficiary statuses are correct. In addition to checking the beneficiary statuses, I wanted to see what [...]