The beneficiary of your life insurance policy.
If you were to die today, where would you want that cash to go?
Would you want it to go to your spouse, partner, significant other, straight to your kids or would you most likely want it to go into your living trust that you’re empowered by, that you have taken the time to create with your partner, your spouse, your significant other?
Often, we are going to list your spouse, your partner, or your significant other on the application. Most of the time, that’s where the death benefits going to go because you have the life insurance death benefit for income replacement.
You have the life insurance death benefit on a spouse come to you because we don’t know how we would act in the event of the death of a significant other in our life.
However, it’s most efficient to have a life insurance payout flow into a living trust. It’s most effective, it’s most empowering.
I know many of you have taken the time to put a living trust in place. We want the cash to go to a living trust because you can spell out with detail where that cash goes. Is it held in trust for a while? What can it be used for? What can’t it be used for?
Whoever is the trustee of the trust, where could they invest that money? Do they need to preserve the capital, can they put the capital at risk, or use it for only guaranteed fix things?
Can you imagine dying and having millions of dollars going to a family trust only for the trustee to put it all at risk and lose it for your family, for your significant other?
No, we want you to be empowered by this.
A significant other, an individual, a trust, a bank, a financial institution… can be the beneficiary of your life insurance policy.
Many of you have utilized your life insurance death benefit or purchased a separate life insurance policy to utilize with a loan for a business purpose. In the event that you died, the death benefit of that policy would pay off that business loan. Some banks make it a requirement, you can call into our office here, say, “Hey, the bank’s requiring me to purchase this life insurance policy and put them as the beneficiary in the event that I were to die during this time that I have the loan out.”
An individual, a bank, a company, a corporation, you can name anybody you want.
That’s why we want you to do the policy review after you implement the policy here with us so we can check that and make sure that it’s who you want it to be. When you get your trust work done, that you then circle back and fund the trust by changing the beneficiary designation of your policy.
Changing the beneficiary of your policy, can de done in two ways.
You can simply email Lacy here at Vault AIS. (firstname.lastname@example.org) or you can go direct to life insurance company.
There’s a form that you fill out and sign and it gets sent in. They make the change, and then they email or mail you a copy of that change.
We want you to be empowered by the beneficiary designation. We want you to be empowered by this whole process of transferring that risk versus retaining these vaults in your life.
I’ve had business partners die and I’ve had a total of 10 clients die in the last 20 years. I’ve delivered that death benefit check from the life insurance company to a surviving spouse, a significant other. We want you to be empowered by it.
The odds are that if your insurable today, you’re going to live. We insure for both because we all know someone who has died in an earlier age in their life.
Be empowered by the beneficiary designation and know that it can be changed easily.
If you’re not sure who ought to be the beneficiary of your policy simply email in, get on my schedule, and let’s do a complete review so you know.