Who is my beneficiary?
*************PLEASE READ BEFORE YOU ANSWER!!!*********************
I got his letter from the National Benefit Life Insurance Company
One Court Square
Long Island City, New York 11120-0001.
It says something about a life insurance application, paying either 25 dollars for $10,000 protection, 50 for $20,000, and 75 for $30,000.
I wanted to know who my beneficiary is, is that my parent, mom or dad? and what does relationship mean? here's what it looks like typed:
First Last (ex.not Mr. & Mrs., but John & Jane Doe)
yeah, the example is underneath the first and last name line and the Relationship is separate. That's all i wanted to know.
Also I wanted to know if I should do this, I am a graduating Senior at my school in May, and want to know if I should do this or not. Are there reasons that I should or shouldn't do it?
Please tell me so I can clear it up wit my parents.
- AnonymousLv 79 years agoBest Answer
When you buy life insurance, you get to PICK who the beneficiary is. That's the person who you want to get the money, when you die.
So if you want your mom to get the money, and her name is Jane Smith, you'd put "Jane Smith" and "mother" for relationship.
And . . .if you're 20 and perfectly healthy, you can buy a 20 year term life insurance policy - if you want life insurance - for about $75 a year, for $150,000 of coverage. So paying $300 a year ($25 a month) for $10,000 of coverage, is a complete ripoff.
And why, exactly, do you want to buy life insurance? What do you want it to DO for you? You probably don't need it at this point in your life - put your $25 a month into an IRA, and you'll be much happier - and richer - in the long run.
- rtfmLv 79 years ago
This is just somebody who is offering to sell you life insurance. There is absolutely no reason a high school senior needs life insurance. It's junk mail. Throw it away.
When you are married and own a home and have children, then you will need life insurance. You don't need to worry about it until you have graduated from college and are starting out in your real adult life.
- StephenWeinsteinLv 79 years ago
The beneficiary is the NAME of the person whom you decide you want to get the money if you die. It can be your whomever you want, you mother, your father, your girlfriend's boss's ex-wife's babysitter, your favorite Yahoo! Answers user (please pick me), or anyone else in the entire world (except Cuba, because of laws against transferring money from the U.S. to Cuba).
Relationship is how that person is connected to you.
For example, if you pick your cousin, then you write your cousin's name on the line for beneficiary and the word "cousin" on the line for relationship.
The reason that you should not do it is that it costs you money and you get nothing for it unless you die.
The only reason that you should do it is that is that the person you pick for beneficiary might get some money if you die.
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- 9 years ago
It's an ad for expensive life insurance. If you need life insurance call a broker and for $25 per month you could probably get about $500,000 of coverage.
If you don't need coverage then don't call a life insurance broker.
- FlowerLv 79 years ago
You are buying life insurance on yourself? If you designate your mother or father as a beneficiary that is the name you put and relationship is mother or father I assume.
Why are you buying life insurance, is it term life or whole life. What amount of insurance are you buying? Do you expect to die soon?
- Anonymous9 years ago
It is the person you want to receive the benefit in case something happened to you. That is pretty expensive if you want life insurance. Shop around and you will find better deals.
- 9 years ago
If you are having trouble deciding, I will gladly volunteer to be your beneficiary. no problem.