While we all dream of happily ever after, various sources reveal that in the U.S. approximately 50 percent of first marriages, 64 percent of second marriages and 73 percent of third marriages will end in divorce. These staggering numbers highlight an issue that may be overlooked in the process – life insurance and beneficiary designations.
Buying life insurance is one of the most selfless things a person can do in his or her lifetime. Life insurance allows families to continue living without the additional mental and emotional strain of financial difficulties after the loss of a loved one.
Purchasing a life insurance policy is an important piece of financial planning. Naming a beneficiary, and changing that beneficiary when necessary, is also a key component of insurance planning.
