Whole Life Insurance Missouri Mo

Reader’s Question:

I would like to know if my beneficiary for my whole life insurance here in Missouri will be affected by my last will and testament.

Terrence

St. Louis, MO

I see that you are still worried for your loved ones even if you already have a last will and testament and whole life insurance coverage. Good for you, Terrence.

If the beneficiary for your insurance and the person in your will slated to get your insurance money are two different persons, problems will arise. Ideally, there shouldn’t be any confusion as the insurance policy is a legal document in itself, and it clearly states who the beneficiary is or beneficiaries are, but when the insurance policy is counted as an asset in the will, and the will states a different beneficiary, there will be issues. Like in the movies, this little oversight could be the cause of family members trying to kill each other, or it could be the start of a long court trial.

So, to avoid feuds within the family, and so that your intended beneficiary gets the life insurance money, you should make sure that you update your will. Make sure that the beneficiary of the insurance money in the will and the life insurance policy itself is one and the same person, the person who will have control of the money coming from the insurance policy should you pass away.

Terrence, I guess it wouldn’t hurt to add one sentence to your will for the sake of clarity and for the sake of everyone you love. Call your lawyer in Missouri and update your will.

Tags: life insurance, whole life insurance, life insurance beneficiary