Do you always try to do what you can to help others? If a big part of your life work is to help charities you believe in, you may be interested to know a big part of your lasting nationality after you are gone could be giving to those same charities. You can leave a life insurance policy to the charity of your choice.
Getting Your House In Order
Before you make this type of consideration, you need to make sure your personal house is in order. Have you considered what will happen when you die? Have you asked your family for a full funeral? You need to make sure that you leave behind enough money for them to carry out your final wishes, no matter how big or small.
Also, if you have family members who are dependent on you, how are they going to take care of themselves when you are gone? For many people this is the exact reason they have a life insurance policy in the first place – to take care of their family if they were to pass away. Make sure that goal has been reached before considering repositioning your life insurance policy.
But what if you have managed to make a good name for yourself and have plenty of money to take care of your obligations. Or what if you have no one who is dependent on you anymore and no need for all that money in the life insurance policy? Why not do some good with it.
Once you have made sure your obligations are met, you can use your life insurance policy to help out a charity that you believe in. The process is easy enough. You just need to call the life insurance company and make sure that the benefactor is changed to the charity you would like to help. This is often what happens when the policy was written out to a spouse who has already passed away and there is no one else in the family that the policy holder wants to give money to.
If you do not have a policy yet, mention what you want to do when you are looking around for insurance policy quotes. Most insurance companies know this process and even may have a special person that works on cases like yours so they can walk you through the process and can make it easier for all of you.