Separate Policy Life Insurance Quotes Multiple Beneficiaries?
Posted January 24, 2010 – 10:25 pm in: structured settlements FAQI have been married twice before and have been ordered by the court to carry life insurance on myself with my three children as beneficiaries (for $100,000 each). Two of the children live in Florida with their mother, and the other lives with her mother here in Tennessee. Do I take out 2 different policies (one for each family), or a separate policy for each child? Do I name my ex-wives as beneficiaries since my children are minors? Thanks.
Tags: Beneficiaries, Insurance, Life, Multiple, Policy, Quotes, Separate
3 Comments
I would take out one policy – you get a better price that way – and give 1/3 to each child, like this: Jane Doe as trustee for Michael Doe. If you trust your ex wives to be smart about the money, there’s no reason not to name them trustee over their own child’s portion.
lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.
Life insurance is actually very flexible. Since I’m from Utah I’m not familiar with the Tennessee regulations, so I recommend you call a nearby life insurance agent. http://www.americaschoicetoday.com/Life-Insurance.html They should be able to assist you.