What should I know about beneficiaries?

Understanding beneficiaries is a crucial aspect of life insurance policies offered by Perkin Life Insurance Co. A beneficiary is an individual or entity designated by the policyholder to receive the death benefit from a life insurance policy upon the policyholder's passing. It is important to choose beneficiaries carefully, as they will determine who receives the financial support intended for loved ones or dependents. When naming a beneficiary, the policyholder can select multiple beneficiaries and allocate specific percentages of the benefit to each one. It is essential to keep this information updated, particularly after significant life events such as marriage, divorce, or the birth of a child. Failure to update beneficiary designations can lead to unintended consequences, including benefits going to an ex-spouse or other individuals not aligned with the policyholder's wishes. Some policies also allow for contingent beneficiaries, who are next in line to receive benefits if the primary beneficiary is unable to do so. Policyholders should review their beneficiary designations regularly to ensure that they reflect their current intentions. For detailed information about how Perkin Life handles beneficiaries, individuals may wish to visit the official website or refer to their specific policy documents.