Beneficiaries are usually individuals or legal entities which receive money, assets or other benefits from a benefactor. In life insurance, a beneficiary is the individual named to receive payment in the event of the insuredís death.

Beneficiaries on insurance contracts and on insurance based investments including segregated funds and guaranteed investment funds can help quicken the estate settlement process and minimize or in some cases eliminate the costly fees associated with death, in specific, probate fees and estate administration fees.†

Insurance contracts can include single beneficiaries and/or multiple beneficiaries.†

Careful consideration and planning should to be in place when investible assets or insurance policies exist. It makes little or no sense to not name a beneficiary on an investment account held with an insurance company or on an insurance contract.

In most cases beneficiaries can be changed, however in some cases, individuals select irrevocable beneficiaries. Individuals contemplating selecting an irrevocable beneficiary should think long and hard about the potential consequences of such a decision.

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