With insurance policies warranting the filing of a repertoire of different documents, it can be easy to lose track of what one has or hasn't filled out. On top of it, policyholders aren't required to explicitly designate a beneficiary, so they won’t always be notified in the event of an omission. Therefore, what is traditionally a contract useful to the famous or wealthy can also be used to take care of those gaps in the terms of a life insurance plan.
According to The Queens Courier, prenuptial agreements manage the distribution of assets between spouses during a divorce. It must be accepted and signed by both parties, and can be invalidated by either. Logically, these contracts can be used for the same purpose in the event of a death.
Prenuptials are clearly versatile and can fill in the holes that may arise when families file for life insurance. But for that same reason they're extremely delicate, and deserve to be handled carefully and genuinely.
Approaching the agreement under falsities, pressure or misunderstanding by either person, can destroy its value, according to The Mercury.
"Having an agreement prepared by an attorney familiar with such agreements, and then having the agreement reviewed by another attorney can help avoid such issues," the source says.
Prenup or not, life insurance quotes can provide sound advice for individuals who want to be prepared for any pitfalls in life.