General insurance Who should you use as beneficiary?

[Segat]

Insurance is a new area of business which is just growing up especially in the developing world and the major issue lack of awareness and the mentality that its a scam or that you have sentenced yourself to death. The choice of who to be the claimer ( beneficiary) is a great concern, especially in the developing world and among the ones who practice polygamy.
This discussion is expected to shed more light on the criteria to choose who is to be used.
Thanks.

 

[btaliat]

Insurance is not a newly introduced business. Just that it is not that popular. Concerning your question, most people prefer to use their children as their beneficiary. But some people that are not married so use their spouse as their beneficiary if they don't want to use family member as their beneficiary.

 

[Mandy96]

I believe choosing a beneficiary is just like making a choice of who to be your next of kin. This is what you have invested in your whole life and you will have to choose someone to get the benefit after you are gone. Such person must be someone that is really in the right position for it

 

[Chibson]

Insurance have been in existence for ages. You are that it is not so much popular in some part of the world. There are some countries where insurance is very popular and almost everyone is obligated to purchase an insurance premium.
The beneficiaries of an insurance is usually an immediate family such as children, wife, husband, etc.

 

[btaliat]

Insurance policies do allow ther clients to use many people as their beneficiaries depending on the type of insurance policy. Aside this, there are times, where there will still be provision for contingency beneficiary in case there is no primary beneficiary probably as a result of death or something else.

 

[Wisdom01]

You could use your love ones and family ,but it should be the person you trust the more and the person that's worth being the beneficiary , because in most common life insurance policy after the parent are dead the children would be the ones to recieve the benefit if they are assigned to do so

 

[Nite]

Your beneficiary should be someone or some entity you most want to name in your insurance policy. You can name a single person, two or more people, your estate, or even a charity. You should always identify your beneficiary to the insurance company as clearly as possible, because that'll make it easier for the company to find them.

 

[Phabbyfundz]

The steps on knowing who to choose as a beneficiary of an insurance policy is clearly stated in the contract agreement and it is limited. And one is meant to tell the individual that wants to purchase an insurance policy with an insurer or insurance company who to choose as his or her beneficiary.

 

[Wisdom01]

Your beneficiary should be someone or some entity you most want to name in your insurance policy. You can name a single person, two or more people, your estate, or even a charity. You should always identify your beneficiary to the insurance company as clearly as possible, because that'll make it easier for the company to find them.

I think they would surely demand that , because they need the identity of the person to know if it's a real person or not , before they signed the deal with the insurer , many scammers may try to put up fake people as beneficiaries so that they would need to take precautions