Sentences with phrase «as the primary beneficiary lives»

However, as long as the primary beneficiary lives, they retain the right to the policy proceeds.

Not exact matches

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.

If you were not yet in a serious relationship with your spouse when you first bought life insurance, you may have named a parent or sibling as your policy's primary beneficiary.

To recap — selecting your primary and contingent beneficiaries is just as important as owning a life insurance policy.

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.

As with primary beneficiaries, contingent beneficiaries should be provided with a copy of your life insurance policy, as this will smooth the claims procesAs with primary beneficiaries, contingent beneficiaries should be provided with a copy of your life insurance policy, as this will smooth the claims procesas this will smooth the claims process.

The primary disadvantage of naming a trust as beneficiary is that the retirement plan assets will be subjected to required minimum distribution (RMD) payouts, which are calculated based on the life expectancy of the oldest beneficiary.

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.

As you can see, the only real difference between primary and contingent beneficiaries is that primary beneficiaries have the first claim to your life insurance proceeds.

You can name Mostly Mutts Animal Rescue as a primary life insurance beneficiary or as a contingent beneficiary should your other beneficiaries not survive you.

You can name The Grey Muzzle Organization as a primary life insurance beneficiary or as a contingent beneficiary should your other beneficiaries not survive you.

It's important to know whether your spouse has life insurance and whether these would consider adding you as a primary beneficiary.

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 party or parties designated to receive the life insurance proceeds if the primary beneficiary where to pass away before or at the same time as the insured.

This type of policy is a life insurance policy which is a purchased for primary executive or other key personnel in a company where the company is named as the beneficiary.

If you were not yet in a serious relationship with your spouse when you first bought life insurance, you may have named a parent or sibling as your policy's primary beneficiary.

The contingent beneficiary, as you may have guessed, is the person or persons you name to receive the life insurance proceeds in the event the primary beneficiary passes away before, or at the same time, you do.

Another way you can provide a substantial gift to a non-profit organization is to name a charity as the primary or contingent beneficiary of your life insurance policy.

All life insurance policies have three primary parties that are required as part of the application process: the insured, the policy owner and the beneficiary (s).

You would be surprised at how often someone with life insurance dies and ends up leaving their spouse with nothing because their ex-spouse is still listed as their primary beneficiary.

To recap — selecting your primary and contingent beneficiaries is just as important as owning a life insurance policy.

Life insurance exists to cover expenses and debts for your beneficiaries if you as the primary breadwinner are no longer around.

This act allows the court to decide that the life policy proceeds are paid as if the insured outlived the primary beneficiary and if a secondary beneficiary is named, he or she will receive the death benefit proceeds.

Most people don't really give a thought about the beneficiary's portion of their policy.In most instances, we name our spouse as the primary beneficiary of our life insurance policy.The majority of insurance companies would -LSB-...] Read More

As with all key man life insurance, if the business is making the loan, the proper thing to do is to name your business, not the lender, the primary policy 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.

A contingent beneficiary is defined as the person or organization who would receive under the terms of the life insurance policy if the primary beneficiary can not or chooses not to receive the death benefit proceeds.

A great route to take when deciding on who should receive the proceeds of your life insurance is designating your living trust as the life insurance contingent beneficiary with your spouse as the primary beneficiary.

A contingent beneficiary, also referred to as a secondary beneficiary, is simply the person named in your policy that will receive your life insurance death benefit should your primary beneficiary pass away before, or at the same time as you.

Married couples often list each other as the primary beneficiary on life insurance policies, and should think carefully before making any changes during a separation.

Typically, the primary breadwinner in the family will purchase life insurance and list their spouse and their children (if they have any) as beneficiaries on the policy.

An entity identified as a primary beneficiary in a life insurance policy will receive payment when an insured expires.

In any event, irrespective of whether the life insurance proceeds are obtained as one lump sum or in an installment option, the primary amount of the proceeds is generally free to the beneficiary of federal income taxation.

Otherwise known as «pure» life insurance, it should really be called «death» insurance, since the primary benefit is to provide for your beneficiary when you die.

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 policyholders to name their spouse as the primary beneficiary of their life insurance policy and their children as contingent beneficiaries.

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.

The husband's life is insured, and wife is named as the primary beneficiary with the kids as contingent beneficiaries.

Another option is to set up an irrevocable life insurance trust and designate it as your policy's primary 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.

Your spouse is listed as the life insurance policy's primary beneficiary.

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.

Most married people with life insurance list their spouse as the primary beneficiary.

The beneficiary clause is a provision in a life insurance policy that permits the policy owner to name anyone as primary and secondary beneficiaries.

Most life insurance companies include a rider on their term life policies that allows the payment of a portion of the policy death benefit to be paid to the policy beneficiary (s) in the event the primary insured is diagnosed as terminally ill by a practicing, licensed physician.

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.

They had life insurance on each other, but the primary goal of his insurance with her as beneficiary was so she could take care of his grandfather, keeping him in his own home, a plan that none of the rest of the family wanted to participate in.

He had submitted an application for life insurance showing his wife and his two daughters, ages 1 and 3, as equal primary beneficiaries of a $ 1,000,000 policy.