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Naming A Beneficiary For Your Life Insurance Policy

You May Name A "Class" Of Individuals As Beneficiary Of A Life Insurance Policy

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Instead of leaving the proceeds of a life insurance policy to a particular person, you may leave them to a class of individuals. For example, you may name "all of my current and future children" as beneficiaries. 

The advantage to naming children beneficiaries as a class rather than by name is that children you have or adopt after you buy the policy can be automatically added as a beneficiary. If you name your children as joint beneficiaries by name, you need to add new children as additional beneficiaries by name when they are born or adopted. 

If you name a class as beneficiary, be careful to include the people you care about and not any others.  For example, Shana has children of her first marriage and step children from her second marriage. She could specify "all children born to me" which would only include the children from her first marriage, or she could say "all my children including step children."  Using the words "born to me" would exclude adopted as well as step children.


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