How to name a child as a life insurance beneficiary

When applying for life insurance online, you’ll be asked to name a beneficiary for your policy. This is an important step in the buying process because properly naming a beneficiary and providing their contact information is key to helping ensure that a life insurance payout is received in a timely manner. While choosing and naming a beneficiary is pretty straightforward, it’s important to ensure it’s done correctly. At Haven Life, it’s common to see an insured policyholder name their spouse or partner as the primary beneficiary. And, often, their child or children are listed as contingent beneficiaries. That way, their children will be provided for in the case of their accidental death.When you list your child as a minor beneficiary of life insurance, some complications can arise that are important to understand and prevent. For one, if you were to die before the child is legally an adult (as deemed by his or her state of residence), then he or she would not be able to receive the death benefits directly.If you’re thinking of naming a child as a beneficiary, here’s what you should know.

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ERV Group

As part of ERGO Insurance Group, which belongs to world’s largest Re-insurance Company Munich Re; and being a leading global provider of New Generation Travel Insurance-solutions, ERV has a proven record of enhancing our partner’s brands. We have developed our products and services over 100 years and providing our products in over 40 different countries worldwide.

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Article | July 15, 2022

The pandemic pressed many businesses to go remote. While this enabled employees and their organizations to continue doing business in the face of global uncertainty, the fragility of cybersecurity infrastructure became more apparent than ever. From remote work to a more powerful online presence, cybersecurity threats are a significant challenge for many organizations. With data security, exposure to these threats meant cyber insurance needed to be amped up. In the race to fortify cybersecurity, small businesses, which have limited resources to train their IT staff, have much catching up to do. As a matter of fact, practically all small businesses maintain sensitive data on their staff, clients, or suppliers, making them open to hacking attempts, malware attacks, digitalfraud, and other online threats. A cyberattack can force a firm to cease operations, incur significant losses, and unanticipated costs, and harm their brand. This is why cyber insurance is so critical. Here are four things SMBs must understand about cyber insurance and what it covers. In Case of Data Breaches Data breaches are one of the most common types of cyberattacks on small firms. Cyber insurance coversthe cost of locating the origin of a data breachand assessing whether the information lost poses any legal obligations. It also includes the price of meeting those obligations, including sending notifications to affected clients, setting up a call center, and providing credit monitoring, as well as the price of hiring legal counsel and paying any fines or penalties. In Case of Malware Attacks Ransomware and malware attacks allow criminals to break into an organization’s back-end data. They use it to steal customer information or simply encrypt it which allows them to demand random from the business to reclaim access. Cyber insurance can pay for all of the expenses involved in restoring the system, including recovering data, ransomware removal, vulnerability patching, and, if required, paying the ransom itself. A ransomware attack is the most disruptive,and it may be covered if there is economic loss for the company. In Case of Phishing and Cyber Fraud By gaining access to a company's computer system, social engineering letscriminals trick employees intosettlingfictitious bills or diverting cash to their accounts. Businesses may be able to recoup lost funds with the use of cyberinsurance. Third-Party Coverage Third-party insurance can shield firms from cyber-related legal troubles, such as government responseor class-action lawsuits brought on by, for instance, unintentional malware spreador the inability to curbunauthorized access to companysystems. It covers all legal expenses, such as settlements and lawyer fees. What’s the Bottom Line? Cyber insurance cannot be an alternative to a robust cyber security infrastructure. And small businesses cannot afford to keep vulnerabilities in their systems. Many cyber advice solution providers offer advisory and risk assessment services that may be just what small and medium-sized businesses (SMBs) need to start improving the security of their systems.

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Article | December 27, 2021

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Spotlight

ERV Group

As part of ERGO Insurance Group, which belongs to world’s largest Re-insurance Company Munich Re; and being a leading global provider of New Generation Travel Insurance-solutions, ERV has a proven record of enhancing our partner’s brands. We have developed our products and services over 100 years and providing our products in over 40 different countries worldwide.

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