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Need a holiday gift? Consider naming someone as a beneficiary on a life insurance policy

Posted On Wed, December 9, 2009

Though times are tough for many Americans, older people do have options when it comes to giving gifts for the holiday season.

Recently, Liberty Life Assurance Company made what some might consider an interesting suggestion for grandparents when it comes to gifts this year. Rather than giving monetary gifts that may be tied to securities, older people may consider naming someone as a beneficiary on a life insurance policy.

"While not your typical bow-wrapped present, naming an adult child or grandchild a beneficiary on a single payment whole life insurance policy allows seniors to make a 'pledge' to help loved ones with real-life expenses down the road," Richard Hotham, vice president of financial institutions for the company, said.

When considering what life insurance policy to get, consumers should make sure they recognize the differences between different policies. For example, some life insurance policies last for a certain amount of time, while other last for the life of the insured person. Also, a person's lifestyle may also affect how much they end up paying on life insurance.

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