Nipping and tucking the cost of things we pay for monthly (or yearly) is a good way to save some money. A bloated cell phone package? Reduced! The full cable subscription? Trimmed back! Membership to the gym (you never really used)? Hasta la vista, baby! There’s one thing, however, that shouldn't go under the budget chopping block, and that’s your life insurance. When the premium comes due, it may be tempting to trim that payment out of your budget. But don’t! Here’s why.
You buy life insurance because you love someone and want to make sure they’re protected financially if you were to die prematurely. So, getting coverage is paramount. But there’s another important step in the process that you need to pay close attention to: designating a beneficiary for your policy.