Sentences with phrase «as a primary beneficiary»

It is common for policyholders to name their spouse as the primary beneficiary of their life insurance policy and their children as contingent beneficiaries.
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.
For example, two children of an insured may both be listed as primary beneficiaries.
The husband's life is insured, and wife is named as the primary beneficiary with the kids as contingent beneficiaries.
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.
That meant keeping each other as the primary beneficiary, and naming the trust as the secondary beneficiary.
They act as the primary beneficiary on your life insurance policy and the balance of your loan is paid if you were to die.
For example, a man names his wife as the primary beneficiary and his brother as a successor beneficiary.
For example, you can name a non profit organization as the primary beneficiary of your life insurance death benefit.
Another way that life insurance can be used as a great estate planning tool is by naming your business partner as the primary beneficiary.
The first line of beneficiaries is known as the primary beneficiaries.
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.
Because many people name immediate family as primary beneficiaries, they often select close friends and relatives as contingent beneficiaries.
However, as long as the primary beneficiary lives, they retain the right to the policy proceeds.
This gives the lender the right to receive death proceeds as primary beneficiary up to the amount of the loan.
If you are in a new marriage and you have kids from your previous marriage then you may want to list your kids as the primary beneficiaries.
An entity identified as a primary beneficiary in a life insurance policy will receive payment when an insured expires.
It sounds as if you are listed as a primary beneficiary and there are lines underneath the primary designation with the two other individuals.
It is therefore imperative for both father as well as mother to have independent life insurance policies and name each other as primary beneficiaries.
Despite listing a spouse or partner as the primary beneficiary, many intend their life insurance to help protect their children from financial hardship.
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.
There have been horror stories of people dying and never removing their ex-spouse as the primary beneficiary.
Beneficiaries can be classified as Primary Beneficiaries (first class) or Contingent Beneficiaries (second class).
You want to assign a contingent beneficiary as your primary beneficiaries could die or somehow be impaired, and it can be a hassle for your family if your life insurance proceeds are added to your estate.
You can choose to name Amnesty International as the primary beneficiary, or as a secondary beneficiary in the event that your spouse or other primary recipient should pass on before you.
[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.
Grandparents who own a Roth IRA can name their grandchildren as primary beneficiaries.
Or, the custodian could go strictly «by the book», where the beneficiary form indicates a specific individual as the primary beneficiary, regardless of any other outside document.
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.»
He names Jane as primary beneficiary and his brother Jake as contingent beneficiary.
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.
Death benefit proceeds are passed along to whomever the policy owner designates as the primary beneficiary (s), and generally accomplishes this in a tax - free manner.
If there are children involved, they can be re-designated as the primary beneficiary.
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.
Q: I'm a recent divorcee with a life insurance policy that lists my ex-spouse as the primary beneficiary.
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