Archive - February 28, 2012

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Here’s How Your $1 Million Life Insurance Could Go to The Wrong Person When You Die

Here’s How Your $1 Million Life Insurance Could Go to The Wrong Person When You Die

A widow recently came to the office and told a sad story that everyone should hear.

Her husband “John” went to school, got married, built a successful company, had 3 kids, got a messy divorce, remarried and died. The problem is that his Transamerica life insurance policy and his Keogh retirement plan at Merrill Lynch listed his 1st wife as the primary beneficiary, not his kids or current wife.

Guess who got these assets upon his passing? You’re right the ex-wife.

John would be turning in his grave if he were aware that his oversight sent over $1 million to …

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