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In the world of banking and finance, there is a fair amount of jargon tossed around. Among these terms, you may have heard ‘beneficiary’ a few times, yet its significance in financial wellness is widely underestimated.
So the question is: What exactly is a beneficiary, and why do they hold such importance?
A beneficiary is a person or entity you legally designate to receive the benefits from your financial products upon your passing. With American 1, a Beneficiary Designation is an agreement between the member and our institution that if the member passes away, the funds will go to the beneficiary (or beneficiaries if there are more than one). Appointing a beneficiary simplifies the probate process after death, preventing confusion and saving time and money.
The process to add a beneficiary to your account is simple, as we require only your signature and a few pieces of basic information. Contact your local branch by clicking here to take this one small step with a big impact and ensure peace of mind for your financial wellness.