Life doesn’t always go as planned. When you married, you did the responsible thing and purchased life insurance policies for both you and your spouse. Each of you named the other as beneficiary, ensuring that no matter who passed away first, the survivor would be taken care of.
At least, that was the plan.
But life has a way of changing even the best-laid plans. Your family expands to include three more. Then, your spouse becomes ill and passes away. You file a life insurance claim and receive the policy’s death benefit. You do your best to carry on as a widow or widower and single parent of three children.
You continue to pay the premiums on your policy because you know now more than ever how important life insurance is.
However, you forget one important detail…updating your beneficiary designation.