Explain beneficiary vs. co-owner, and why I should care?
March 19, 2006 7:59 AM Subscribe
What is the difference between a beneficiary and a co-owner in terms of life insurance stocks?
posted by SuperSquirrel to work & money (4 answers total) 1 user marked this as a favorite
An agent from my life insurance company (someone I've never heard of before) has informed me that I have 50 shares of stocks in MetLife. According to him, I have to designate either a beneficiary or a co-owner for these, and I have to do this in his office. He's called several times, as if this is an urgent matter that must be handled immediately.
First of all, what's the difference between these two options, and is one a better choice? If I die, don't these become part of my estate that my husband would get anyway? Aren't any assets currently listed in my name only really joint assets anyway? (We live in Illinois, have been married 11 years and don't have wills, if any of that makes a difference.)
Secondly, is he just trying to make me come in to the office so that he can try to sell me [whatever he wants to sell me]? The urgency of his request sounds fishy to me. What's the difference to him if I come in next week or next year or never? It's not like we have an agent/client relationship he needs to nurture.
In your reply, please use short words and assume I am stupid, because money matters make my head hurt.