Posted on Aug 9, 2018
National Catholic Society of Foresters
Once you’ve secured your life insurance coverage, one of the most important steps to take is naming your beneficiary. In the life insurance world, a beneficiary is the one who receives the payout from the life insurance policy when the insured passes away. Depending on the type of life insurance policy, the payout (also referred to as the “death benefit”) can be directed specifically towards end-of-life expenses such as the funeral and burial or towards outstanding debts, mortgage payments, and income replacement.