When Was the Last Time You Updated Your GCU Life Insurance Beneficiaries?

Life insurance helps protect your loved ones financially if something happens to you. A well thought out life insurance plan has helped many people in times of need, but it's essential to keep your beneficiaries up to date. Here’s why:

Reflecting Life Changes. Life events like marriage, divorce, having a child, or losing a loved one can change who you want to receive your life insurance benefits. Updating your beneficiaries ensures the right people are taken care of.

Avoiding Legal Issues. If your beneficiaries are outdated, it can cause legal problems and delays. For example, if a named beneficiary has passed away, it could complicate the payout process. Regular updates help avoid these issues.

Fair Distribution. As your family changes, so might your ideas about who should receive your benefits. By updating your beneficiaries, you make sure your life insurance proceeds go where you intend.

Meeting Financial Needs. The financial needs of your beneficiaries may change over time. Keeping your beneficiaries current ensures your life insurance supports those who need it most.

Protecting Your Estate. If your beneficiaries are not up to date, your life insurance proceeds might go to your estate and be subject to probate. This can delay the payout and might lead to extra taxes. Updating beneficiaries helps avoid this.

Conclusion. Regularly updating your life insurance beneficiaries is essential. It keeps your policy in line with your current wishes and helps avoid legal and financial complications. Review and update your beneficiaries, especially after major life changes, to ensure your loved ones are properly protected. Reach out to the GCU Call Center (855.306.0607)—they will be glad to assist you with updating your current life coverage or to open a new policy.

Jeff Long | GCU Sales Director