keyboard_backspaceBack to main blog page

The Jordan Insurance Group - Blog

With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.

The Importance of Naming a Beneficiary

William Jordan William Jordan , 9/18/2015
This content has not been rated yet.
Fleming Financial Services, PA, Grandparents and CollegeOne of the smartest choices you can make is purchasing a life insurance policy on yourself. It's important to keep in mind that there are various types of policies available, meaning you can rest assured there is one that is both affordable and adequate to meet your insurance needs. The best way to shop for a policy is by speaking with a qualified life insurance agent who serves your area. Once you have purchased a policy, you'll then need to make sure that you name a beneficiary. And while this might seem like a given, there are many people are unaware of who their beneficiary is, especially if it has been several years since the policy was purchased. This is why it is imperative for you to review the beneficiary that you have on not only your life insurance policy, but any pensions, 401(k)s, IRAs, etc. Almost any type of life event will change who you want to add or remove as a beneficiary -- marriage, divorce, birth of a child, death of an immediate family member, etc. Take for instance that you get a divorce and marry someone new. You would want to remove your previous spouse as a beneficiary and add your new spouse as well as any new children that you might have had. You might think that it would be better to not name a beneficiary and let the courts handle the distribution of your life insurance policy, but you should realize that the process of going through the courts is a very slow one. With your beneficiaries named, any funds and assets will be distributed much more quickly to the exact people that you intend for them to go to.