By completing the beneficiary designation process and keeping your records up to date, you:

• Have control and security. Make sure you decide where the proceeds of your estate should go and that your loved ones have financial protection in the event of your death.
• Avoid estate probates. When you designate a beneficiary, you avoid estate probate fees. Estate taxes can create a significant liability and delay the payment of proceeds to loved ones.
• Protect your insurance proceeds from creditors. Payments are made directly to your beneficiary and proceeds are protected from debt collection in the event of your death.