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Consider these points when choosing a life insurance beneficiary

Nobody wants to think about what will happen once he or she passes on, but this is something we all have to do at some point. It is the responsible thing to do. It is also why most people purchase a life insurance policy at some point.

Purchasing life insurance is a big step in the right direction. But there is something else you need to do: Select the right beneficiary. It doesn't matter what type of policy you purchase, if you overlook this important detail it could "all be for nothing" in the future.

Here are some of the finer points to consider when choosing a life insurance beneficiary:

-- Most people select a spouse, child or other relative as their beneficiary.

-- You have the opportunity to choose more than one beneficiary.

-- Consider the tax implications. A spousal beneficiary, for example, typically means you can pass the death benefit on tax-free.

Make sure your life insurance policy is in line with the rest of your estate plan. You don't want your will to contradict your life insurance beneficiary, as this could lead to a struggle between loved ones after your death.

It is never easy to take on the task of purchasing life insurance. Furthermore, it can be a challenge to choose the right beneficiary. As difficult as it can be to face the future, this is something you have to do at some point.

When you put the appropriate amount of time into choosing a life insurance beneficiary, it will not be long before you are making a confident decision.

Source: MarketWatch, "How to Choose a Beneficiary," accessed Sep. 23, 2015

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