When taking out life insurance, you’ll be asked to name a beneficiary.
Life insurance provides financial protection for your loved ones should you pass away, so you may want to choose beneficiaries that will benefit from your pay out the most if you were no longer around.
Choosing who to name as your life insurance beneficiary is a very personal choice and it’s one that you shouldn’t be swayed into making.
It can seem like a confusing task, especially if you’re unaware of the rules involved.
Thankfully, there aren’t too many rules. The beneficiary rules in the UK are as follows:
- You must name at least one beneficiary on your life insurance policy
- Upon your passing, your beneficiary (or beneficiaries) must provide proof of your death in order for a claim to be made (typically in the form of a death certificate)
You may still be wondering who the best person is to name as your beneficiary, so keep reading as this article will help to answer any further questions you may have…
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