Sentences with phrase «beneficiary dies»

A trust which creates a life estate for a beneficiary with the trust principal going to a final beneficiary when the life beneficiary dies.

If the primary beneficiary dies before you do, then the money passes to the secondary beneficiary.

You can also name a contingent beneficiary, who would receive the death benefit if the beneficiary dies as well.

In another example, if there are multiple beneficiaries, they could choose a «last survivor income» annuity benefit which would pay life payments until the last beneficiary dies.

If your beneficiary dies, for instance, you may not want to keep your policy.

Note that this is a fairly unusual situation, because normally when a beneficiary dies, a new beneficiary is named.

You can also name a contingent beneficiary, who would receive the death benefit if the beneficiary dies before you.

In case the nominee / beneficiary dies before the life insured, higher of base sum assured, 105 % of the premiums paid excluding taxes will be paid along with any Top - up sum assured, if any.

Per stirpes: This method, which means by family line, enables each beneficiary's heirs to inherit their portion of the proceeds if the beneficiary dies before you do.

If the primary beneficiary dies before all of the money has been paid out, then the remainder of the funds will be paid out to a contingent beneficiary.

A contingent beneficiary will receive payment if the policy's primary beneficiary dies before the insured.

Generally, if you die first, your beneficiary's annuity payment amount is reduced, but if your beneficiary dies first, you will continue to receive the full payment amount.

The contingent beneficiary receives the death benefit if the primary beneficiary dies.

When that beneficiary dies, the policy's face amount would transfer over to another beneficiary, who can choose to receive the full face amount however they wish.

If the first beneficiary dies while receiving interest payments, the death benefit will go entirely to a second «contingent» beneficiary.

A contingent beneficiary can get life insurance proceeds if the primary beneficiary dies before he or she can receive the assets.

If your beneficiary dies before you do, you must rename the beneficiary on the policy as soon as possible.

Barring any peculiar scenarios — like you left the money to a minor or your beneficiary dies before you do or you accidentally put your secret lover's name on the policy — it's pretty straightforward who the money goes to.

However, if the beneficiary dies, the amount is tax free.

When a beneficiary dies before you do, your policy's death benefit gets paid out to her estate, where it could be held up in court or disbursed among relatives you don't know or don't like.

A contingent beneficiary is someone you elect to receive the death benefit if the primary beneficiary dies or goes out of business before you die.

It's also smart to name a contingent beneficiary in the event that your existing beneficiary dies before you do.

As a secondary beneficiary, this individual only receives benefits if the primary beneficiary dies before the insured.

The person, people or organization that will receive life insurance death benefits if the primary beneficiary dies before the insured.

This approach to naming beneficiaries has the advantage of not inadvertently disinheriting family members.However, it can accidentally include unintended beneficiaries if the intended beneficiary dies.

If the beneficiary dies before the period ends, payments may be transferred to a surviving recipient.

It's important to understand — If the insured passes away, and the primary beneficiary dies, and there is no contingent beneficiary — The proceeds of the life insurance policy pass on to your estate, and may be subject to additional taxes and fees that otherwise would not been taken from the proceeds.

If one beneficiary dies, that person's share then goes to the living descendants of that individual.

An applicant does not inform SSA when a beneficiary dies but continues to receive the cash of the deceased person

You can dictate what happens if the beneficiary dies before they receive access to the trust.

If the beneficiary dies before the participant and payments have already started, the participant's monthly benefit usually will not change and the participant typically can not name a new beneficiary.

This special Capital Gains Tax treatment doesn't apply in the tax year when the beneficiary dies.

When the beneficiary dies, the money is distributed to the beneficiary's siblings that are still alive.

So if you choose a 20 payment term, and your primary beneficiary dies after 10 years, the secondary beneficiary will receive the payments for the remaining 10 years.

This may happen if the beneficiary dies earlier than the policyholder and there's no named contingent beneficiary.

And don't forget you can name a contingent beneficiary in case the first beneficiary dies before you do.

Once the payments start, they must be made at least annually until the beneficiary dies or the plan is closed.

If your primary beneficiary dies and you didn't designate a contingent, the discussion of who gets the death benefit can get messy.

If you don't name a contingent beneficiary and your primary beneficiary dies before you do, the proceeds would go to your estate, where they become subject to probate and the extra expenses this entails.

But what happens if your policy's beneficiary dies?

Per stirpes: This method, which means by family line, enables each beneficiary's heirs to inherit their portion of the proceeds if the beneficiary dies before you do.

If your beneficiary dies before you do, you must rename the beneficiary on the policy as soon as possible.

In another example, if there are multiple beneficiaries, they could choose a «last survivor income» annuity benefit which would pay life payments until the last beneficiary dies.

Contingent beneficiaries, or secondary beneficiaries, are the people that would receive your life insurance proceeds in the case that all of your primary beneficiaries died or were for some reason unable to claim the payout.

Contingent beneficiary - An individual receiving HSA funds if the account owner and the primary beneficiary die.

Most commonly, this provision defines whether the primary or the contingent (secondary) beneficiary is to receive the death benefit in the event that both the insured and primary beneficiary die as a result of a common disaster.

What if both the insured and beneficiary died at the same time, or together in a shared accident?

The Uniform Simultaneous Death Act — Enacted in 1940 this act allows a court to decide which individual outlived the other in the event that the insured and primary beneficiary died in the same accident and no proof exists of who lived longer.

(If all primary beneficiaries die before you, the benefits will be paid to the contingent beneficiary.)

If both the insured and beneficiary die at the same time, then the proceeds would go to the insured's estate.