Skip to main content

What Are Beneficiaries and Why Do You Need Them?

NEPW Beneficiaries_Blog

A beneficiary is the person or person(s) you designate to inherit your account. The account beneficiary can claim ownership immediately upon your death. 

You may add more than one beneficiary on each account. 

Not only does adding a beneficiary or beneficiaries to your account(s) make it easy for the funds in your account(s) to be transferred upon your death, but it also has the added benefit of increasing your deposit insurance coverage by the NCUA since each beneficiary is covered up to $250,000. The additional ESI insurance that Avadian provides doubles the amount for each named beneficiary. 

To learn even more benefits about adding beneficiaries to your account(s), check out this blog.

This blog is an excerpt taken from our upcoming Financial Legacy Planning eBook. Check back for more excerpts and the entire eBook.

The credit union is federally insured by the NCUA. Additional insurance of up to $250,000 on your savings accounts is provided by Excess Share Insurance Corporation, a licensed insurance company.
Equal Housing Lender Equal Housing Opportunity Lender
· Copyright © 2018 Avadian CU All rights reserved.