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Contingent Ownership on Your Life Insurance Policy

Whenever you are filling out forms, reading every little aspect can become quite tedious at times. By the time, you get to page two, you might be ready scan for signature blocks and get the papers away from you as fast as possible. On most instances, you rely on the staff or agent to point you to corrections or places you may have skimmed over too fast. This works for most instances, but when it comes to life insurance, it can end up costing you way more time to correct on the back end. I am talking specifically about contingent ownership. By putting someone as a contingent owner, you allow them to access and change the policy if you were to pass away before it takes effect. To explain through scenario: Your spouse has ownership on your policy and you left the contingent ownership space blank. Unforeseen tragedy strikes and your spouse passes away before you do. Now, you are unable to make any changes to the policy, even though it was on yourself.

The only way to make this change is to go to probate court and present your case. This process can easily take up to 6 months or longer and there is a chance you could lose. All of this could have been avoided, if you were named as the contingent owner of the policy. So, is it too late to make this change to your current policy? It is not. Call your agent today and see if you have this portion filled out. If you do not, you can request an ownership change form and make this easy update. Please feel free to reach out to our life insurance department and we would be happy to fill you in on even more ways to make your life easier and more enjoyable for those around you.

 

Information & Insight provided by Tammy Bigham 

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