The policyholder has the option to designate one or more
primary beneficiaries who will receive the policy benefits directly
upon the insured’s death. Additionally, contingent beneficiaries
can be named to receive the benefits if the primary beneficiaries
are unable or unavailable to do so. This ensures a clear and
organized distribution of the policy benefits according to the
policyholder’s wishes.
Beneficiaries must notify the insurance provider of the insured’s
death as soon as reasonably possible.
Submission of a certified death certificate and possibly other
documentation depending on the cause of death.
The death benefit is typically paid in a lump sum to the
beneficiaries unless alternative arrangements are made.
It is highly recommended that the policyholder regularly review
their insurance coverage to ensure it continues to meet their
needs and circumstances. This is especially important after
significant life events such as marriage, the birth of a child,
purchasing a home, or retirement. Regular reviews help maintain
the adequacy and relevance of the policy.
The policyholder has the flexibility to update beneficiary designations
and coverage amounts as needed. These updates can be made upon
request and are subject to the terms and conditions of the policy.
Keeping beneficiary information and coverage amounts current
ensures that the policyholder’s intentions are honored and that their
loved ones are adequately protected. Regular updates are essential
for maintaining the policy’s effectiveness and alignment with the
policyholder’s goals.
