Choosing Beneficiaries

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How do I choose who should be my beneficiary?

Choosing Beneficiaries

It's difficult for some people to decide who should be made the primary and contingent beneficiaries of their Mortgage Protection Plan. While many married couples automatically choose a spouse as the primary beneficiary, many are unsure who should be the contingent beneficiary. Unmarried individuals are often torn between naming a parent or a sibling as primary or contingent beneficiary. In order to help you decide which family member is right for which role, ask yourself some questions:

  1. Who would suffer the most financial devastation as a result of your death?
  2. Who is best equipped to handle the job of settling your debt after your death?
  3. What family members would you like to see get some of your death benefit proceeds for their own personal use?
  4. Will the responsibility of being a beneficiary take too much of an emotional toll on any family members?
  5. Would it be best (and more objective) to name a trust as your beneficiary?

   

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