What is a Beneficiary?

Your beneficiary is an individual, trust, or entity that you declare to receive the financial aspects of your estate and life insurance policy. The recipient is the person who is legally entitled to receive funds after your passing. Here are some tips from our JC Demo Insurance Group experts in Matthews, NC.

Tips For Selecting a Beneficiary

Selecting a beneficiary is a serious and personal decision and is different for every person. In some situations, you might want to have your death benefits help loved ones financially. Here are some things to keep in mind when choosing a beneficiary.

Insurable Interest

The person you name as your beneficiary must have an insurable interest or be financially dependent on you. This can be a spouse or child as long as they have a legitimate financial interest in you.

Age Qualifications

Many insurance providers won’t pay out benefits to individuals under the age of 18. However, a trust can be created for minors to hold the funds and manage the account until the age you specify in your policy is reached.

Ability to Manage Finances

To be eligible properly, your beneficiary must be able to handle and manage finances. If they are not of an age where they can handle this, establish a trust and dictate a trustee to disburse and invest funds on their behalf.

Have a Contingency

Should your primary beneficiary pass away before you do, be sure to name a secondary beneficiary, known as a contingency. This allows the secondary individual to claim the policy without having to go through probate.

Get Your Arrangements in Order Today

While planning these details can seem challenging, it is essential to consider your beneficiary. If you need guidance or a life insurance policy, contact us at JC Demo Insurance Group in Matthews, NC.

If you’re a business owner or manager, you’ll want to protect your business with the suitable types and insurance amounts. If you are in the Matthews, NC, area, we encourage you to contact our JC Demo Insurance Group, Inc. team. We have provided insurance solutions for North Carolina and South Carolina businesses for over 20 years. To give an example of how we customize insurance for the many industries we work with, here are some of the policies needed by a pharmacy.

Property insurance is essential for a pharmacy to cover damage incurred to its building by fire, disaster, theft, or vandalism. A pharmacy can repair or replace the building or its damaged equipment with property insurance. While any business needs liability coverage to prevent financial loss in case a client is injured or harmed by their product or at their office, a pharmacy is more likely to cause harm due to the nature of their business inadvertently. Since pharmaceutical products directly impact a client’s health, this results in an additional potential to cause harm.

Businesses are required to protect their employees, and pharmacies are no exception. Workers’ compensation insurance can provide coverage for medical treatment if clients are injured on the job. Many NC clients have found they can best address all their needs with one of our Business Owners’ Packages. Those customized packages combine liability and property insurance to streamline your coverage. 

Call Us Today for an Appointment 

Pharmacies are only one of the types of businesses we work with. At JC Demo Insurance Group, Inc., clients in the Matthews, NC, area can learn about and purchase insurance suitable for their unique needs. Call us for an appointment to discuss your insurance needs and protect your business’ assets.