Life Insurance Beneficiary?

[joet11206]

Whom should i list as my life insurance beneficiary?

Here is a scenario: I am an unmarried male (28) with no children who is living with my girlfriend. We are in a serious committed relationship and I plan on marrying her one day. She is the most important person in my life. I have to designate beneficiaries to my life insurance policy that is offered through work. I am not sure whom i should include as beneficiaries? Should it be solely my parents or her or partially to each?
Any advice is highly appreciated!

PS. switching beneficiaries is not an issue and can be easily done any time, so should not be a part of the consideration.
Thank you!

[michelle23]

If I was in your shoes I would put my boyfriend down. We are together 5 years, living together and planning to get married in the next 5 years.. If she is your future then put her down. If something goes wrong and you and she break up-you can switch it over to your parents.

[Maple1714]

I would put down my parents as the beneficiary and switch it over to your GF when she becomes your wife. Just my opinion....

[horndog]

In a previous career I actually sold life insurance. based upon on what you stated I would list your parents as the beneficiary. In all reality the easiest way to decide is to think about who would be in charge of handling your affairs if you kicked the bucket tomorrow. My guess it is not the girlfriend and it would be your parents. I have seen too many times where people are in committed relationships planning on getting married and put their BF/GF's down on the policy only to break up and have to change it. In one situation I remember a BF listed his GF as a beneficiary on a rather sizable policy. They had an ugly break-up but before he got around to changing the policy he was killed in an car crash. The ex, whom had cheated on him was set to get all the money. I don't know how it all ended up because the parents went to the courts but I suspect it did not end well for the parents who had to scrape up the dough to bury their son. List your parents for now and change it when you get married. That's the best advice.

[michelle23]

I also know stories of two people who live together and happy and something bad happens-everything goes to the parents. That too would be wrong as your gf is left in the lurch. I know if anything happened to my man, I wouldn't be able to even get outa bed after the funeral for awhile as id be so distraught. Who's gonna pay my rent?

If you live with your girl and you are both committed to each other, planning a future-I still say put her down. Living together is the same thing as being married IMO

[Maple1714]

Can't you instruct to have the $$$ split in a will? Put your parents....until you're married.

[horndog]

Michelle- That is what wills are for. If your man wants you to take care of all of his final arrangements, his financials and his estate and puts it all down in writing In a will then it would be appropriate for you to be the beny, otherwise its best for the parents or whoever is handling the affairs to be the beny. But hey, what do I know. Im just basing my comments on real world professional experience after all.

[horndog]

Living together is the same thing as being married IMO

LOl. Then why aren't you married yet? fact, not opinion, the two are very different from a legal perspective depending on where you live.

[michelle23]

Im not saying you dont have a point. Im just saying some couples have been together for a lifetime without ever marrying. Some dont believe in marriage or dont put it at the top of the priority list but it is important (especially if you have children) to make sure your partner and your offspring are looked after when you are gone-whether you are married or not.

And if anything did happen, I would want to sort out all the financial arrangements. He lives with me, he is my partner. I wouldn't expect his parents to sort it out.

OP it is your decision. Do whatever you feel is best

[Maple1714]

My ex Bf and I have each other as our beneficiaries only b/c we have a child together...it's really for her sake.

[michelle23]

LOl. Then why aren't you married yet? fact, not opinion, the two are very different from a legal perspective depending on where you live.

Where I live, we have the same rights. If we split up now-everything would be 50/50 coz we live together. Were not married because we are young and cannot afford it yet

[vashti]

Whom should i list as my life insurance beneficiary?

Here is a scenario: I am an unmarried male (28) with no children who is living with my girlfriend. We are in a serious committed relationship and I plan on marrying her one day. She is the most important person in my life. I have to designate beneficiaries to my life insurance policy that is offered through work. I am not sure whom i should include as beneficiaries? Should it be solely my parents or her or partially to each?
Any advice is highly appreciated!

PS. switching beneficiaries is not an issue and can be easily done any time, so should not be a part of the consideration.
Thank you!

Unless you are paying for a separate policy, what you have is likely to only cover your funeral expenses, not enough to support a girlfriend. Whomever will be planning/paying your funeral expenses should be the beneficiary, IMO. Ordinarily, that would be the parents, who are more likely to have the cash to bury you, and can afford to wait for insurance reimbursement.

[horndog]

Im not saying you dont have a point. Im just saying some couples have been together for a lifetime without ever marrying. Some dont believe in marriage or dont put it at the top of the priority list but it is important (especially if you have children) to make sure your partner and your offspring are looked after when you are gone-whether you are married or not.

And if anything did happen, I would want to sort out all the financial arrangements. He lives with me, he is my partner. I wouldn't expect his parents to sort it out.

OP it is your decision. Do whatever you feel is best

then you both need to sit down and complete a will. Simple fix.

[namemyname]

My beneficiaries are charities. My parents wouldn't need my money, but a non-profit sure would!!

[TablesandChairs]

My life insurance goes to my mum; she will need it a lot more than my boyfriend will (we've discussed this). His life insurance goes to me because his only parent (dad) is very wealthy.

I don't have a will but if I did, I'd want my now partner to make decisions should I ever be unable to do so; he's logical and knows what I would want.