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Featured Daniel Carinci Agency, LLC Blog

What’s The Difference Between A Beneficiary And Dependent?

Life insurance is one of the most important financial products you can buy. It provides vital protection for your family and loved ones in the event of your death, protecting them from the financial impacts of losing their primary source of income. Over the course of a lifetime, the majority of people will depend on the income provided by life insurance in one way or another. Daniel Carinici Agency LLC is here to help Pittsburgh, PA residents understand this crucial financial decision. 

Who is considered a dependent?

A dependent is someone who relies on your income for support. They may be your children, your spouse, or any other person who depends on you for financial support. These persons are considered to have an "insurable interest" in your life. They are typically family members, but some insurance companies will also consider a business partner if they will suffer hardship and financial loss if you die.

Who can I name as a beneficiary?

When purchasing a life insurance policy, you have the option of naming a beneficiary. This person will receive the proceeds of your policy upon your death, typically in the form of a life insurance payment. You can choose to name only one person as a beneficiary, or you can name multiple beneficiaries. Generally, the person you choose as your primary beneficiary is the person who has the greatest insurable interest in your life.

What if I don’t have any dependents?

If you have no dependents, you can choose to name anyone as a beneficiary. This allows you to leave a legacy to those who are most important to you, whether that’s a loved one or a charitable organization. Typically, the insurance company will help to decide whether or not a beneficiary is an appropriate choice for your benefits.

A beneficiary does not necessarily have to be dependent, nor are you obligated to make a dependent your beneficiary. The choice is yours.

For more answers to life insurance questions, Pittsburgh, PA residents can reach out to Daniel Carinici Agency LLC today.

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