life insurance reviews

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Life Insurance: Getting the Beneficiary Designation Right

Failure to update beneficiaries is one of the most common oversights with life insurance policies. If someone gets divorced and fails to update their beneficiary designation, then the death benefit goes to the ex-spouse (assuming they were the primary beneficiary.) This will occur even if an updated will says otherwise.  Most people think a will supersedes a life insurance policy designation, but it does not. Just ask any lawyer! There are exceptions to this, such as when a decedent can be shown to have been incapacitated or “unduly influenced”,