About seven years ago, I encountered a circumstance in which a university was listed
as the primary beneficiary of a deceased plan participant's workplace retirement account.
If you are both
named as primary beneficiaries on each other's policies, this can create problems for your family when they are at most in need of clarity and strength.
If you need mortgage insurance, it may be better to set up a term or universal with the
bank as primary beneficiary until the mortgage is paid off.
It is therefore imperative for both father as well as mother to have independent life insurance policies and name each
other as primary beneficiaries.
It is common for a lender, bank or other entity to ask a business owner to take out and maintain a life insurance policy and name the
lender as a primary beneficiary for the debt (payoff schedule is usually attached to the assignment), as a condition of the loan until the loan is repaid.
The life insurance policy names the lender
as a primary beneficiary for the amount of the debt, so if you die before paying the debt, the lender gets paid the balance of the money owed.
[2] Mainstream organizations are defined here as those working in different projects, without a focus on disability — as opposed to disability focused NGOs, which usually implement (or partner with local organizations for that purpose) different types of projects, with persons with
disabilities as their primary beneficiaries.
For example, Cheryl lists her husband
John as primary beneficiary for her life insurance policy and their two children as contingent beneficiaries.
For example, Sarah lists her children's stepfather
Alex as primary beneficiary and her favorite charity as contingent beneficiary for her life insurance proceeds.
Desirae has been organizing events and volunteering in shelters for four years and has been a dedicated volunteer with TLC since 2012 after her employer selected
TLC as their primary beneficiary of the «Rescue Run 5K.»
Expanding on Barker's comments, it should be noted that beneficiaries indeed are paid out in the event of the primary beneficiaries» passing (prior to, or in conjunction with the named person), and are as
important as a primary beneficiary when taking into consideration as to how one wishes for their policy to assist their family and loved ones after one's passing.
As part of the deal, a key man life insurance policy was purchased for $ 1,000,000 by ABC on the life of John Smith, with
ABC as the primary beneficiary of the policy.
If your are single or if you desire your assets go to a charity, then a great way to accomplish this is to name a
charity as the primary beneficiary of your life insurance.
Senior citizens who purchase life insurance with the intention of covering mortgage loans may wish to entrust a close family
member as their primary beneficiary of their life insurance policy.
More often people will pick a
person as the primary beneficiary and, not having thought through what happens if you and your wife die in a common accident, or if your wife predeceases you, will put their estate as the contingent beneficiary.
The Helen Frankenthaler Foundation was established by artist Helen Frankenthaler (1928 - 2011) in the 1980s, to become fully functioning after her
death as the primary beneficiary of her estate.
You can name your
spouse as primary beneficiary with the stipulation that if he or she dies within 30 days of your death the proceeds go to the contingent beneficiary.
An example of a tertiary beneficiary for life insurance would be if you name your
wife as the primary beneficiary, your son as the secondary beneficiary, and your son's daughter, your grandchild, as the tertiary beneficiary.