Insurance Blog

Who Can I Name as a Beneficiary on My Life Insurance Policy?


When you get a life insurance policy you are required to name a beneficiary. Typically the person or people who receive the payout on your life insurance policy after you die. Some people choose to make the beneficiary a trust, charity or estate. 

You can also choose a percentage of the payout to go to different people. Typically the life insurance holder will be asked to pick two kinds of beneficiaries: a primary and a secondary. The secondary beneficiary will receive the payout if the primary beneficiary is deceased. 

The majority of people buy life insurance to provide for children who are left behind. Ordinarily, this is done by making the surviving spouse or caretaker the beneficiary. But what if you’re widowed or, both you and your partner pass away at the same time?


First, know that it’s not a good idea to name a minor as a beneficiary. That’s because the law forbids life insurance payouts to anyone who has not reached the age of majority, which is 18 to 21 depending on your state. If a child were to be named, then it would be turned over to probate court. The court will name a guardian who has oversight of the money/estate until the child comes of age.

Fortunately, there are two options. The first is to name an adult custodian. The custodian should be someone you can trust to use the money for things like housing, health care, and education until the child reaches the age of majority. At that point, any remaining money gets turned over the child and they can spend it any way they want.

The second option is to work with an attorney to set up a trust. In this scenario, the trust is the beneficiary and a trustee is named to manage and distribute the funds. The main advantage of a trust over naming a custodian is having more control.

Amanda Austin


Amanda Austin has good points about choosing the right beneficiary for your life insurance policy. She goes into more detail in her article found here:




After an Ohio college student was assaulted, she created an app to help people feel safer walking home alone.


Picture By: Homa Bash



Angela Rucci has cleverly developed an app that is likened to an invisible shield.  She calls it “Tego.” The name comes from the Harry Potter series in which “protego” is a charm used to cast an invisible shield around the wizards to keep them safe. Rucci wants to provide an additional way of safety, a way to walk your friends home. Angela is a senior computer science major at Ohio State where she was challenged to a 24-hour “hack-a-thon” where she came up with the idea.



From the article:

The concept of the Tego app is fairly simple: you type in where you’re going and who you want to notify — you can pick up to 10 family members or friends — and they will get a notification or a text that allows them to track your entire trip in real-time. There is also an option to send live video footage of your route or call the police if you feel unsafe.

“It’s just a virtual way to help walk your friends home,” said Mark Thorn, co-developer of the app. As for privacy concerns, Thorn said all of the data is encrypted and Tego only tracks users when it is told to track them.


This excellent article shares more information from the creator herself.





Guaranteed Income Stream for Life. Think Annuities



Are you thinking about retirement? Do you want to make sure you do not outlive your savings? This article by Marvin Feldman is packed with helpful information on how to protect your financial future.


| Marvin H. Feldman, CLU, ChFC, RFC, CEO emeritus of Life Happens |

Are you headed toward retirement or even in retirement and concerned about outliving your savings? Perhaps an income annuity will fit your needs. An annuity is a financial instrument that can offer a guaranteed lifetime income that you can’t outlive.

I’ve spent many years helping my clients with annuities as part of their broader financial plan. So here’s a very high-level understanding of some options.

Fixed income annuities are offered with a number of payment options, allowing you to structure payouts according to your financial goals and objectives. Consider these four income streams:

Joint life: This option provides income for two people, as long as either person is alive. When one person passes away, payments continue to the survivor.

Period certain only: This allows you to target how long you need an income stream. If you were to pass away before the end of the certain period, the remaining payments would continue to the person you designate as your beneficiary, meaning the person you want to receive the money.

Life with a period certain: In this scenario, the annuity pays out income for your lifetime. If you were to pass away prior to the end of the certain period elected, your beneficiary receives the remaining payments.

Life only: This is the least-commonly selected payout. When you die, payments cease—no matter what. This can be risky, but the upside is this option provides the highest payouts.

My mother-in-law, now deceased, used a joint life immediate annuity to generate a lifetime income, using the proceeds from the sale of her home. Now my wife, as her beneficiary, is receiving an income stream for the balance of her life from this same annuity policy.

A guaranteed lifetime income, one you cannot outlive, provides peace of mind. Should this be part of your financial plan? Ask your agent or advisor to see if it fits your needs.

article found here