For the sake of your loved ones it's usually better to name a beneficiary on your life insurance policy. If the proceeds of your life insurance go to your estate and get tied up in probate, it could be months before your family is paid the death benefit - and a lot can have happened in that time.
Pay careful attention to how you designate the beneficiary of your life insurance policy. If you want your wife or husband to get the proceeds of your life insurance, you should not just say "wife" you should say the name. Why? If you have a previous wife that person could receive the life insurance benefits.
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