It’s very satisfying to buy a life insurance policy, knowing that you’re taking care of your loved one. For many people, this happiness can be a catalyst for feelings of wanting to share the good news with their beneficiary. But there are pros and cons to disclosing this information. After you buy life insurance from OnQuote Insurance serving Wisconsin residents, consider whether or not you should tell your beneficiary.
Should I Tell My Beneficiary About My Life Insurance Policy?
Pro
The beneficiary will be glad to know they can count on you. This will be great news for anyone who currently relies on you for a part of their household income. If it’s a spouse, life partner, or dependent, they’ll be assured that they will be financially secure after you’re gone.
Con
The knowledge that they will benefit puts the beneficiary in a certain situation. If, for any reason, the cause of your demise is in question, your beneficiary will be under scrutiny from authorities. Just knowing that they will benefit makes them suspect.
Pro
Your beneficiary can plan accordingly. It’s wise to have a financial plan in place, and knowing that some financial resources may be available in the future can help your beneficiary to plan accordingly.
Con
Your beneficiary might be unhappy with the amount. How much life insurance you wish to purchase is your decision alone. But once you share this information, your beneficiary may take issue with the number. Potentially, this could cause a rift between the two of you.
Pro
You can entrust your documentation to your beneficiary. With the knowledge in hand, your beneficiary can take some responsibility for your wishes after your demise, which can give you some relief.
Consult With Us
If you have questions about your life insurance, or you’d like to purchase a new policy in Wisconsin, contact OnQuote Insurance today.