For most people, the beneficiary designation is one of the easiest questions on a life insurance application. However, there are a few common mistakes we see on a regular basis and your agent may not be aware of how to correctly structure your beneficiary and ownership designations to accomplish your goals.
1. Ownership: who owns the policy?
If you own the life insurance policy, you may face a federal estate tax. Your estate is a compilation of: your investment and retirement...