Is It Possible To Have More Than One Beneficiary On A Final Expense Insurance Policy?

Written by Ross Quade

Curious if it’s possible to choose more than one beneficiary on your final expense insurance policy?

The simple answer? Yes, it’s absolutely possible.

However, there are a few things that you’re going to want to keep in mind before signing a policy. After all, every provider is unique when it comes to policies, premiums, and coverage.

If you’ve been considering designating a beneficiary or perhaps even multiple beneficiaries, here’s a quick breakdown of what you need to know.

Who should you select as a beneficiary?

While this is a personal decision to make, it is generally advisable to select loved ones or those that are dependent on you as beneficiaries. For example, your family, your spouse, or your children could all be excellent options.

Should you pick one, two, or all three as your beneficiaries? Again, this is a decision that will be entirely up to you to make. A good starting point, however, is to begin by asking yourself the following questions:

Who is the most capable of effectively managing the policy?

An essential question to consider when in the process of designating beneficiaries for your final expense insurance policy is who is the most capable of handling this responsibility? Primarily used to cover any end of life costs such as funeral expenses, casket expenses, and more, beneficiaries for an end of life insurance policy must be well equipped to manage this asset.

SEE ALSO: Do You Need End Of Life Insurance? 1 Critical Question To Consider

Are you planning on designating multiple beneficiaries?

Chances are, if you’re reading this article, you’re planning on choosing more than one beneficiary for your policy. While this is certainly not a problem for most providers, you will need to consider just exactly how many beneficiaries you are going to plan on having. After all, are you planning on having just 2 beneficiaries or 5 beneficiaries? Ideally, you should plan on having no more than 3 beneficiaries.

Steps to Take Next?

Now that you have a better understanding of multiple beneficiaries when it comes to your final expense insurance policy, you’re likely wondering what steps to take next. Luckily, we can make this process even easier for you with these 3 simple steps.

1.) Shop around to maximize options

First and foremost, explore your options thoroughly before signing a single policy. Even if you think that you’ve located the best policy possible, be sure to shop around first, and with our easy and hassle-free burial insurance comparison service, you’ll have no problem in doing so. In fact, you will only need to enter your zip code to get started.

2.) Explain policy to beneficiaries

After you select a policy, be prepared to explain this policy to your designated beneficiaries. Not only can this help put your mind at ease, but it can also provide relief for loved ones when the time comes. Whether you choose to designate a single beneficiary or multiple beneficiaries it is important to make loved ones aware of the policy.

3.) Periodically review your policy

In addition, be sure to periodically review your policy. Life can bring many changes and you want to make sure that you have a policy that reflects this. While reviewing your final expense coverage may not be something that frequently comes to mind, take some time every few years to evaluate your policy.

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Ross Quade
Ross Quade has been a licensed insurance agent since 2008. State of Texas license #1702965. He has a Bachelor Degree in Psychology from University of Minnesota and minored in Applied Economics. He has been quoted in several online publications including Huffington Post, Young Startups and various financial blogs. Ross frequently writes about issues related to the insurance and finance industry.
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