Sentences with phrase «beneficiaries of life insurance policies for»

Will the parties retain each other as beneficiaries of life insurance policies for some period of time, and if so, how much will the benefit be and how long will that obligation last?

Not exact matches

A term life insurance policy offers coverage for a specified period of time, meaning that if you die during the term of the policy the beneficiary will receive the specified payout (also known as the death benefit or face value of the policy).

The importance of a life insurance policy is that it helps provide for the financial stability of your beneficiaries if you pass away.

Although the death benefit of a term life insurance policy can be used any way the beneficiary chooses, the funds are commonly used for:

Limited pay life insurance is a life insurance contract between you (the owner / insured) and the carrier (the insurer), for the benefit of the beneficiary, that requires you to pay into the policy for a set period of time.

Cash value life insurance refers to a type of life insurance that, in addition to paying out a death benefit to your beneficiary or beneficiaries upon your death, accumulates cash value inside the policy while you are alive, that you can use for whatever you please.

A term life insurance policy offers coverage for a specified period of time, meaning that if you die during the term of the policy the beneficiary will receive the specified payout (also known as the death benefit or face value of the policy).

Term life insurance is defined as a contract between the owner of the policy and the insurer, for a policy on the life of the insured, whereupon the insured's death, the insurer pays a lump sum death benefit to the beneficiary.

If you are the beneficiary of a life insurance policy, you typically have two options for receiving your payout: in a lump sum or in installments.

Similar to a term life insurance policy in that your beneficiaries receive a cash payout in the event of your death, whole life insurance policies are different in that they continue for your «whole life».

The cash value policy pays out a lump sum cash benefit upon the death of the insured for the benefit of the life insurance beneficiary.

A Life policy at its most basic level is a contract between you and the insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income.

Commutation Right: The right of a beneficiary to receive in a single lump - sum the remaining payments under an installment option which was selected for the settlement of the proceeds of life insurance policy.

In some cases, if you transfer the ownership of your life insurance policy to another party before your death for monetary value or other consideration, the proceeds paid to the beneficiary at your death could be considered taxable income to that beneficiary.

For life insurance policies that pay death benefits in the form of a lifetime payout, the portion of the payout that is not subject to tax if the policy has no refund provision or stated time period guarantee which is determined by dividing the amount of the death benefit by the life expectancy of the beneficiary.

Prior to 2008, Western District of New York courts held that when a husband and a wife both file bankruptcy and one spouse has a life insurance policy with cash value and the other spouse as the beneficiary, the bankruptcy trustee, as trustee for both the owner and beneficiary of the policy, could claim in the cash value.

Sometimes life insurance companies ask for the social security number of a beneficiary, but in this case it doesn't sound like he is making you a beneficiary of a policy on him.

Knowing how life insurance works is important because your different policy options will help determine how long it'll be in effect, how much you'll pay for it, and how your beneficiaries will be taken care of in the event of your death.

Increasing your current savings, or designating each other as the beneficiary of your own retirement plan or life insurance policy, are all possible ways for you and your partner to ensure a comfortable retirement for one another.

If you're considering a pre-need funeral insurance plan, you should first note that it's not actually legal in every state for a funeral home to be named the beneficiary of a life insurance policy.

A better strategy, he says, is for the beneficiary to buy the policy and for the divorce agreement to account for the cost of life insurance when the alimony or child support payments are set.

In addition to the higher premiums, one of the main drawbacks to a guaranteed issue life insurance is that your beneficiaries wouldn't receive a full death benefit until your policy has been in force for a specific length of time (typically between one or two years, depending on the life insurance company).

Permanent life insurance also guarantees a death benefit to your beneficiaries for as long as you maintain your policy, not just for a fixed period of time.

In the US, we have a concept called an Irrevocable Life Insurance Trust; that is one possibility for you, if the UK has the same concept - this is a trust that specifically exists to be the beneficiary (and, technically, owner) of the life insurance polLife Insurance Trust; that is one possibility for you, if the UK has the same concept - this is a trust that specifically exists to be the beneficiary (and, technically, owner) of the life insurancInsurance Trust; that is one possibility for you, if the UK has the same concept - this is a trust that specifically exists to be the beneficiary (and, technically, owner) of the life insurance pollife insuranceinsurance policy.

In the event of your untimely death, your beneficiaries can use funds from a life insurance policy for funeral and burial expenses, probate, estate taxes, day care, and any number of everyday expenses.

For example, if you've created a family living trust as part of your estate plan, you need to decide if it should be the designated beneficiary of your cash value life insurance policy.

Because of its importance, it's imperative to be both educated and mindful of how you choose the beneficiaries for your term life insurance policy.

Whole life insurance defined: A whole life policy is a type of permanent life insurance where a contract is entered into between the policy owner and insurer, for a policy, which covers the life of the insured, for a specified insurance coverage amount, for the benefit of a beneficiary.

Term life insurance is a «pure» insurance policy: when you pay your premium, you're just paying for the death benefit that goes to your beneficiaries in the event of your death.

Remember, if you decide that selling a life insurance policy is a good idea for you, the influx of cash you will receive is only a fraction of the face value of the policy and the amount that your beneficiaries would receive upon your death.

Term life insurance is a kind of life insurance policy that covers you for a set period of time — not your whole life — and pays out a lump sum of money to your beneficiaries if you die while the policy is in effect.

A Life policy basically is a contractual agreement between you and the insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income.

By making The Niagara Falls Humane Society the irrevocable owner and beneficiary of a life insurance policy, you can be entitled to a donation income tax receipt for every premium you pay.

For example, you can name Kitten Rescue as a beneficiary if you have a life insurance policy that is no longer needed to provide for dependents, or as a beneficiary of a Certificate of Deposit (CFor example, you can name Kitten Rescue as a beneficiary if you have a life insurance policy that is no longer needed to provide for dependents, or as a beneficiary of a Certificate of Deposit (Cfor dependents, or as a beneficiary of a Certificate of Deposit (CD).

You may want to make CLSMF the beneficiary of some or all of your life insurance policy if you have grown children and other loved ones who are provided for in other ways in your estate plan.

Consult insurance companies regarding changing of beneficiaries for any life insurance policies you may have.

For example, if the husband is required to pay support, he may also be required to obtain a life insurance policy and name his spouse as irrevocable beneficiary of the policy so that if he dies, the spouse will have sufficient funds for his or her suppoFor example, if the husband is required to pay support, he may also be required to obtain a life insurance policy and name his spouse as irrevocable beneficiary of the policy so that if he dies, the spouse will have sufficient funds for his or her suppofor his or her support.

In many ways, Final expense insurance works like any other type of life insurance policy in that a premium is paid for the coverage, and then upon the insured's death, the proceeds are paid out to a named beneficiary.

If there is a filed collateral assignment for life insurance against the policy, any monies paid out will be used to pay off the balance of the loan before either the policy holder or their 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.

NOTE: Please review the Terms and Conditions of your life insurance policy for payment of premiums due, and coverage paid to beneficiaries.

For example, think of yourself as the policy owner / insured of the life insurance with your spouse as the beneficiary.

For their beneficiaries to receive death benefits, traditional term life insurance policyholders must die within the specified term of their policy.

Thus, a whole life insurance policy leverages a portion of your financial resources for the sole purposes of providing a legacy to your beneficiaries, while still maintaining control of your assets.

In order for the estate tax to be paid by the life insurance, the wishes of the policy holder must be carried out by the beneficiary with the understanding that this is how the money is to be used.

The company is the named beneficiary for these types of life insurance policies.

Incidents of Ownership In life insurance and annuities, the right to exercise any of the privileges of policy ownership, including the right to change beneficiaries, withdraw cash values, take policy loans, make assignment, etc.) Incidents of ownership can be major estate planning factors for policyowners who wish to transfer policy ownership from themselves to another person or a trust, thereby removing the policies from their estates.

In its most basic sense, funeral insurance actually works in a similar fashion to most other types of life insurance in that a person pays a premium to an insurance company in exchange for the payment of a death benefit to a named beneficiary in the case of the insured's death while the policy is in force.

Commutation Right: The right of a beneficiary to receive in a single lump - sum the remaining payments under an installment option which was selected for the settlement of the proceeds of life insurance policy.

For instance, a life insurance policyholder may be able to access some of the cash value to meet their immediate needs while keeping the policy in force for beneficiariFor instance, a life insurance policyholder may be able to access some of the cash value to meet their immediate needs while keeping the policy in force for beneficiarifor beneficiaries.