Do You Have to Be Related to The Beneficiary on Your Life Insurance Policy?

Life insurance is a complicated thing if you do not know what you are looking at. For those that are looking into naming a beneficiary, there are some qualifications that you should consider. For those that live in the Chandler, AZ area, the agents with San Marcos Insurance Group can help you to find the answers that you need.

When it comes down to it, anyone can be named as the beneficiary on an insurance policy. The hang up is that you must have their social security number, address, and their legal name. You must also provide these same details for yourself. There are some full stops that keep people from randomly taking out insurance policies on you without your knowledge. Any insurance policy is going to require a signature of the person whom the policy covers.

This means that if you are taking the policy out on yourself, you simply provide your own information and then sign and name the beneficiary. If you feel that the beneficiary might be challenged, you should take your documents to a notary public that can stamp and date them and prove that both parties were present when the policy was signed.

 In most cases, an insurance company does not care who is named a beneficiary. You do however need to make sure that your beneficiary knows that they have been named and that they have access to any pertinent paperwork or information that they may need to actually collect the policy. Since insurance does not require that you be related to the person you name as the beneficiary, you want to take your time selecting them. For those in the Chandler, AZ area, the agents with San Marcos Insurance Group can help you find the perfect policy.