Life Insurance beneficiary?

HeartofDixie
Sun, 19 Jul 2020 21:05:17 +0000

I started a job a few weeks ago and am trying to get all of the benefit paperwork filled out. The bank provides life insurance coverage(you can also purchase extra) and I am unsure who to name as beneficiary.

Of course I want the kids to benefit but since 2 of them are still minors and the other just turned 19 it probably wouldn’t be prudent to name them as beneficiaries. The only person I can think of is my parents. I know they are trustworthy, but are getting older and I’m also not sure if they would know how to handle everything. I know some people set up trusts but I’m sure that isn’t cheap and we barely scrape by as it is.

Any advice?