Sentences with phrase «distributing life insurance death benefits»
Only the beneficiary designation submitted to the insurance company will be followed when distributing life insurance death benefits.
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If you already own life insurance, you can add the charitable organization as another beneficiary and specify how you want the death benefit distributed.
Life insurance death benefits paid out of qualified plans also retain their tax - free status, and this insurance can be used to pay the taxes on the plan proceeds that must be distributed when the participant dies.
Minor children can not receive life insurance death benefits so a trust can be set up to ensure the death benefit is distributed and used according to your wishes.
One feature of life insurance is the ability to name beneficiaries and dictate how the death benefit will be distributed.
Given that life insurance can make up a significant portion of the assets left by an individual to his or her heirs, it is important not to make the mistake of assuming that any instructions in your will can be used to determine how life insurance death benefit proceeds are distributed.
This type of term life insurance policy enables your death benefit to be paid out either in a lump sum, or distributed through regular equal payments to your family until the designated term ends.