Maine Life Insurance Policy
A Maine life insurance policy can provide you, and those you care for, the protection you need for the financial security of those you leave behind.
There are many aspects of your life insurance policy that you must understand, one of which concerns the naming of your beneficiary.
Don’t forget to try out our FREE Maine Life Insurance Quote Tool to help you in your search for the right Maine life insurance policy for you.
Naming Your Maine Life
Insurance Policy Beneficiary
Because of the stakes involved, there are quite a few rules and regulations when it comes to naming the beneficiary of your Maine life insurance policy.
You may name anyone, or any entity (a church, a charitable organization, etc.), but this act must be performed according to the state of Maine guidelines.
-
Change of Ownership: You have the right to change the ownership of your policy at any time. Again, these changes will require you to follow that state of Maine mandated guidelines. A Beneficiary and Ownership Change form must be filled out and the new owner as well as the old owner must sign this form. If you have a beneficiary on your policy whose rights to the proceeds are secure, they will also have to consent to and sign the form.
-
Per Stirpes: This allows for the benefits of a life insurance policy to be passed along to a beneficiary’s children if the beneficiary dies. If this designation is on a life insurance policy, then no other forms need to be filled out. The benefits will pass to the children without further red tape.
-
Minors as Beneficiaries: Minors can be named as beneficiaries; however, there are some rules regarding this. It is a good idea for there to be a trustee appointed in case the death benefit is to be paid out to a minor. If no trustee is appointed, the life insurance company will normally hold the death benefit payout until the minor reaches the legal age.
Compare Maine Life
Insurance Policies
Our FREE ME Life Insurance Quote Tool allows you to compare the life insurance policies of various Maine life insurance companies.
Start getting your Maine life insurance policyy quotes today and see how much you can save.
Compare ME life insurance policies now!