So you got LIFE INSURANCE. That is nice. You’re married now, got the new life insurance policy and you new wife is the beneficiary. You got it covered.
Five years down the road, things are not working out quite the way you planned. You got your divorce from your friend for life. Good to go.
Now you have met someone new. You get married . Things are looking up. You suddenly die. Who gets the life insurance?
Guess what – whoever you designated on the policy. Saw this happen in the Army a lot. Soldier gets married, goes off to war and gets killed. The beneficiary was his mom & dad. They get the money. And if they do not like their new daughter-in-law, well, she is out of luck.
NOTE: I am not a lawyer and each state has it’s own rules, but this is how it could go if you’re not prepared. So here is an action plan: Hope for the best (you will live to 100) and plan for the worst (you will drop dead in a few minutes)
I hope I got you to think.