by Guest » Thu Sep 01, 2011 08:37 am
I am 70 years old, my wife passed away 3 years ago. I’m not keeping well for sometime now. Our only son is not bothered about me or my health conditions and hardly even gives a call. I have a life insurance worth quite a hefty amount with my son as the beneficiary.
My question is – can I change the beneficiary and name someone outside the family as a beneficiary? Can I even name a charity, if I choose to? How should I go about doing this. – thanks for any advice
My question is – can I change the beneficiary and name someone outside the family as a beneficiary? Can I even name a charity, if I choose to? How should I go about doing this. – thanks for any advice
Posted: Thu Sep 01, 2011 09:26 am Post Subject:
You may name anyone as a beneficiary of your life insurance policy, even a charity, church or trust.
Contact your agent and express your wish to change the name of your beneficiary and follow the needed procedures.
You can give your policy benefits to a charity in several ways.
One of the ways is to simply name the charity as a beneficiary on your policy. After death, the charity will receive the death benefits. But in this case you won’t get charitable income tax deduction for the premium payments of your insurance.
Another way is to donate an existing life insurance policy to the charity.
Posted: Sun Sep 04, 2011 10:29 am Post Subject:
Contact your agent and express your wish to change the name of your beneficiary and follow the needed procedures.
Better to contact the insurance company directly. You may name anyone or anything as your beneficiary.
As Mona suggests, you might also consider gifting the policy to a charity in a variety of ways, and in doing so, might be able to claim a tax deduction as a result.
"Charities" include colleges and universities, hospitals, and libraries, in addition to the more familiar ones that might come to mind. All such institutions/charities have folks who will assist you to set it up properly for the greatest benefit for both you and themselves.
Posted: Sun Sep 04, 2011 11:23 pm Post Subject:
It is very easy to change the beneficiary as long as you are the owner of the policy. Just call the Insurance company or you agent, and in most cases it can be done pretty easily. You can also change the beneficiary as often as you like in most cases. You name more than one beneficiary, and contingent beneficiaries.
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