Sentences with phrase «beneficiary as a lump»

The benefits are paid to your beneficiary as a lump sum and are tax deferred so your family can use the benefits right away to cover their most pressing needs.

It pays out death benefits only but it goes to your chosen beneficiary as a lump sum payment and is usually tax - free.

Not exact matches

These optional forms can include cost - of - living increases or higher level amounts; the hypothetical account balance is not available as a lump sum except for small amounts or to the beneficiary of the participant upon his or her death before commencement.

Specifically, individuals can make a lump - sum gift to a 529 plan of up to $ 65,000 ($ 130,000 for married couples) and avoid gift tax, provided the gift is treated as having been made in equal installments over a five - year period and no other gifts are made to that beneficiary during the five years.

«As set forth above, Silver was not required to disclose disbursements from the HCRA - Assembly Pool because the fund was, during its existence, off - budget or budgeted as a lump - sum appropriation whose ultimate beneficiaries were not required to be publicly disclosed.&raquAs set forth above, Silver was not required to disclose disbursements from the HCRA - Assembly Pool because the fund was, during its existence, off - budget or budgeted as a lump - sum appropriation whose ultimate beneficiaries were not required to be publicly disclosed.&raquas a lump - sum appropriation whose ultimate beneficiaries were not required to be publicly disclosed.»

For these reasons, it makes sense for the beneficiary to claim the death benefit as soon as possible as a lump sum.

on death, the balance may be paid as a lump sum to a designated beneficiary, used to buy a further pension for a surviving spouse or may continue as a reversionary pension.

What if I die while receiving my payments?If you die while still receiving your payments through a non-life only option, your beneficiaries will have the choice of either receiving the remaining payments left on your payment schedule, or elect to receive the remaining account value as a commuted lump sum.

If you die while still receiving your payments through a non-life only option, your beneficiaries will have the choice of either receiving the remaining payments left on your payment schedule, or elect to receive the remaining account value as a commuted lump sum.

With a 529 plan, you could give $ 75,000 per beneficiary in a single year and treat it as if you were giving that lump sum over a 5 - year period.3 This approach can help an investor potentially make very large 529 plan contributions without eating into his or her lifetime gift - tax exclusion.

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.

This election allows you to make a lump - sum contribution up to five times the annual exclusion amount of $ 75,000 per beneficiary in one year and elect to treat the contribution as if it was made ratably over five years avoiding federal gift tax liability, as long as you make no other gifts to the same beneficiary for the next five years.

In exchange for premium payments, a life insurance policy provides a tax - advantaged lump - sum payment, known as a death benefit, to the beneficiaries when the insured passes away.

The beneficiary can elect to annuitize the death benefit over his / her life expectancy instead of taking it as a lump sum.

Secondly, if your beneficiary is not disciplined financially, receiving a large amount as lump sum payment being the proceeds from your life insurance policy may encourage him to spend the whole money carelessly.

Or, if your annuity contract has funds remaining after you die, your beneficiaries can receive them as a lump sum.

A firm offering a settlement advance charges interest to the beneficiary and may insist on a contract that assigns the lump - sum benefit to the lender as collateral.

Unless your policy falls into a few very specific situations, your beneficiaries will receive the full payout as a lump sum without any deductions or charges (including taxes).

If your beneficiaries elect to receive the death benefit as installments rather than a lump sum, some of that will be taxed.

Life insurance (also known as death cover) will pay a lump sum to your beneficiaries in the event of your death.

Non-dependent beneficiaries will only be able to receive super death benefits as a lump sum.

If your beneficiary is a spouse or dependant they may choose to receive your death benefit payment as a pension or a lump sum.

The beneficiary can elect to annuitize the death benefit over his / her life expectancy instead of taking it as a lump sum in some instances.

The beneficiary can then decide whether to receive the money as a lump - sum payment or if he or she would like to roll them over into another annuity that will pay out a regular income.

A premium is paid monthly to keep the policy active, covered in full or in part by the employer, and upon the death of the employee a lump sum of money, the death benefit, is paid out to a designated group or person known as the beneficiary.

If you were to die, your life insurance policy would pay out a lump sum to family members named as your beneficiaries.

Life insurance policy is a contract between the insurers or insurance provider wherein a lump sum amount is promised as a death benefit to the beneficiary in the event of the policyholder

If you have less than 10 years of creditable service or no eligible survivor, any contributions remaining in the retirement fund are paid in a lump sum (with interest) to your designated beneficiary or an individual in order of precedence as set by law.

Life insurance policy is a contract between the insurers or insurance provider wherein a lump sum amount is promised as a death benefit to the beneficiary in the event of the policyholder's death, provided the policy was active and the premiums were paid till the insured's death.

The husband signed «Expression of Wish (Nomination of Beneficiaries) Form, saying that «the trustees / scheme administrator has absolute discretion as to which of my beneficiaries receive the lump sum death benefit, I would like this to be paid to the following», where the widow is named with 1Beneficiaries) Form, saying that «the trustees / scheme administrator has absolute discretion as to which of my beneficiaries receive the lump sum death benefit, I would like this to be paid to the following», where the widow is named with 1beneficiaries receive the lump sum death benefit, I would like this to be paid to the following», where the widow is named with 100 % percent.

Generally speaking, this is initially the most affordable life insurance you can buy that offers a lump sum death benefit paid to your beneficiary so long as you keep paying premiums and you pass away within the term.

In the majority of cases, a named beneficiary will receive the death benefits as a lump sum payment and these proceeds are not subject to income tax.

The benefits are paid in a lump sum and non-taxable, so beneficiaries are able to use proceeds as they wish.

In exchange for paying premiums on a policy, the insurance company provides a lump - sum payment (far in excess of what you paid in), known as a death benefit, to beneficiaries upon the insured's death.

For these reasons, it makes sense for the beneficiary to claim the death benefit as soon as possible as a lump sum.

The main difference between an endowment plan and term insurance plan is as follows - In case of term insurance plans, a lump sum is paid to the beneficiary if the Life insured dies within the maturity period.

A premium is paid monthly to keep the policy active, covered in full or in part by the employer, and upon the death of the employee a lump sum of money, the death benefit, is paid out to a designated group or person known as the beneficiary.

Transamerica, an A + rated company founded in 1904, offers unique options, with a few of their term life products, such as Living Benefits for early access to death benefits in the case of terminal or chronic illness; Income Protection Options to allow customers to select from a combination of income stream and lump sum payouts for beneficiaries; no required medical exams for policy amounts below $ 250,000; and low, $ 25,000 minimum face amount requirements.

Normally, when the policyholder dies, the death benefit is paid to the beneficiaries as a tax - free, lump - sum amount (or, sometimes, a series of payments) and that's the end of the transaction.

For instance, If the sum assured is Rs 5 lakh and the insured suffers an eventuality, death or disability, as the case may be, the beneficiary will be paid out a lump sum of Rs 5 lakh.

Death Benefit - In case of the demise of the insured within the initial 5 years of the policy issued date (i.e. before the vesting date), a basic sum assured plus accrued guaranteed addition in paid to the policy beneficiary either in a lump - sum or as the annuity or as a combination of two.

Also, in case of the death of the insured, the lump sum offered to the beneficiary as death benefit is not taxable under section 10 (10D).

Payment from the policy may be as a lump sum or as an annuity, which is paid in regular installments for either a specified period or for the beneficiary's lifetime.

The accidental death part of an AD&D policy pays a lump sum benefit to the person you've named as a beneficiary if you're killed in an accident.

If you were to die, your life insurance policy would pay out a lump sum to family members named as your beneficiaries.

The money in your fixed annuity, which you invest as a lump sum, earns a guaranteed fixed rate of interest.2, 3 Fixed deferred annuities are not subject to the ups and downs of the stock market and you don't pay taxes on your earnings until you withdraw them.4 With a fixed deferred annuity, you will also receive protection for your beneficiaries through a guaranteed death benefit.2

In case of death, a life insurance policy will pay out a lump sum to your beneficiaries, such as your family, to help cover associated costs and recoup the loss of income.

The money in your annuity, which you invest as a lump sum, earns a guaranteed fixed rate of interest.2 Fixed deferred annuities are not subject to the ups and downs of the stock market and you don't pay taxes on your earnings until you withdraw them.3 With a fixed deferred annuity, you will also receive protection for your beneficiaries through a guaranteed death benefit.1

Usually, it's a lump sum payment (sometimes known as a death benefit) to beneficiaries.

Term life insurance, as the name suggests, is a life insurance policy that covers a set number of years and would pay the lump sum death benefit to the beneficiary if the insured person died during the term of the policy.