Basics of Declaring Beneficiaries for an Oakville Life Insurance Plan

The beneficiary of life insurance in Oakville or any city for that matter is the person or entity who receives the Face Amount or the sum insured of a life insurance policy after the death of the insured. An insured person can name his or her spouse, children or favourite charity for example.


The term “beneficiary” is one of the key terms in a life insurance policy and is the motivating factor to buying life insurance in the first place. Declaring a beneficiary ensures the proceeds of an insurance policy, kept in-force at the time of the insured’s death will go directly to the beneficiary, by-passing probate and will be received tax free and credit protected. Normally, policyholders declare their spouse, offspring, or family member as beneficiaries. However, friends, organizations, and even a charity can be declared beneficiaries as well. In the event no beneficiary is declared these funds will be paid directly to the person’s estate.

http://insuranceadvantage.ca/basics-of-declaring-beneficiaries-for-an-oakville-life-insurance-plan/