Update your beneficiaries!

Sometimes it is easy to overlook the simplest of things.

Take the beneficiaries on your life insurance policies. If your policy was applied for and issued several years ago, it could very well be that the person you originally selected as the beneficiary is no longer the person you would want to receive the policy proceeds. If you bought the policy when you were single, for example, you may have named your parents as beneficiaries. If you have since married, your policies should be updated to reflect your spouse as beneficiary. Maybe you’ve had children who are not named on the policies.
Most people list a primary beneficiary, who is specifically designated as the first in priority to receive policy proceeds. We also encourage the naming of a contingent beneficiary, an alternate person designated to receive policy proceeds, usually in the event that the original beneficiary pre-deceases the insured.

I routinely call all of my policyholders for annual review appointments, usually near the anniversary date of your policy – the date it was originally issued.  One of the matters that I’ll discuss during this review is the status of your beneficiary designations. If they need updating, and they often do, I can complete the paperwork during that appointment.

I look forward to meeting with each of you to discuss your family’s needs between now and the end of March. I am retiring after 21 years of serving the needs of my brother knights and their families. I thank you for the trust you have placed in the Knights of Columbus Insurance programs and me. It has been a privilege and an honor to know each of you.

Rick Morin, FICF

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