Take workplace life insurance policies, which you can often opt into during open enrollment by simply checking a box.
"The biggest mistake I see during open enrollment is people not listing beneficiaries or listing minors as beneficiaries on their workplace life insurance," she says.
Be smart about beneficiariesIt's easy to gloss over the life insurance portion of the open enrollment.
In the event of your death, the payout on your policy — often the equivalent of about a year's salary — will go to whomever you choose during open enrollment.
Her advice to parents of small children: Name your spouse as a primary beneficiary and secondarily leave the money to a trust you have set up for your children.
Persons:
Carolyn McClanahan
Organizations:
Planning