I have been in the life insurance business now for 45 years, and one of the things that continues to give me serious concern on an ongoing basis is the lack of attention to beneficiary designations.

I’m not just talking about beneficiary designations on Individual Life Insurance policies one of us may have sold (although they often control the largest number of dollars), but also to all of the following:

· Beneficiary designations on Employer-Provided Group-Term Life Insurance

· Beneficiary designations on Association or Union-Sponsored Group-Term Life Insurance

· Beneficiary designations on Military and other Government Life Insurance policies and benefits

· Beneficiary designations on Life Insurance acquired through AARP or similar channels

· Beneficiary designations on Business-related Life Insurance policies (Buy-Sell, Key-Person, etc.)

· Beneficiary designations on Immediate or Deferred Annuities

· Beneficiary designations for Death Benefits under Qualified or Non-Qualified Retirement Plans

· Beneficiary designations on IRA Accounts

· Beneficiary designations on Bank Accounts and Securities Accounts

Do you get the idea? I’m talking about ANY type of asset that allows the owner to designate the beneficiaries for any amounts payable at death. After all, these assets often comprise the major portion of an individual’s total net worth!

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