Whether you are married, in a domestic partnership, or a single parent, there is something you can do right now to protect your loved ones in the event that you pass away, and that is to buy a life insurance policy.
There are three parties to a life insurance policy: the insured, the owner, and the beneficiary. If you act as both the owner and the insured, you may name whomever you choose as the beneficiary, or you may name multiple beneficiaries and the percentage of the death benefit you would like to go to each one. This allows you to name a domestic partner, despite them not necessarily having legal rights as a surviving spouse.
Even in cases where a couple is married, which will typically give the surviving spouse rights to a deceased person’s estate, without a will in place may delay inheritance by months or even years, and there will be associated court costs that will come out of the estate. Having a will is a good first step for anyone, and having life insurance in place is a good way to ensure there are enough liquid assets for a survivor to settle affairs after the death of a partner.
Please speak to your life insurance agent today to review the coverage you have in place and evaluate your needs.
