Life & Health Insurance/Life insurance
I want to change the actual amount of money that is to be distributed to certain family members in my life insurance policy. Do I do that through a last will and testament ? Or through the insurance company directly ? The beneficiary's will stay the same. I just need to change the amount of money that goes to each beneficiary.
Thanks for your time in answering !!
One of the plus for Life Insurance proceeds is it is NOT probated. If you place these benefits into your estate creative lawyers will find a way to increase their fee, lol. Secondly, by keeping it out of your estate the claim can/should be settled <15 days once the company has the CERTIFIED copy of the death certificate. Change or otherwise adjusting your beneficiary clause. Depending on how many beneficiaries you have I'd recommend percentages to each. Beneficiary one 25%, Beneficiary two 5%, Beneficiary three 12.5% and so on. Your agent will include the names. I recommend percentage because any sort of permanent will generally have riders and/or dividends which can increase the policies worth. Dollar amounts don't take into consideration either an increased face amount, or if you have taken a loan the deminished total benefit. If it's level term dollar amounts would be easier, however it could/would make payments clumbsy to be sure.
If you are still in touch with the writing/servicing agent contact them. If not a call to the company will do.
This is almost as easy as falling off a log :)