Sentences with phrase «irrevocable beneficiaries requires»

Revocable beneficiaries can easily be replaced by a new name while irrevocable beneficiaries requires a more complicated legal procedure.

On the other hand, a policy with an irrevocable beneficiary requires the policyholder to get the current beneficiary's consent before making a change.

Not exact matches

Changing a revocable beneficiary does not require the consent of the beneficiary, while changing an irrevocable beneficiary does.

Holding assets in an irrevocable life insurance trust, which requires talking with the beneficiaries about it, including the crummy letters, is just good training for future generations.

While many arguments were raised in the courts below, Justice Brown focused the issue on what happens where a support payor dies with a life insurance policy who was required by court order to name a spousal or child support recipient as the irrevocable beneficiary of the policy.

In Bielny, the separation agreement required the insured to name the children of the first marriage as irrevocable beneficiaries.

In Fraser v. Fraser, the trial judge found on the facts that the terms of the separation agreement requiring the insured to maintain the plaintiff as beneficiary were tantamount to an irrevocable designation.

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 support.

In particular, the question was where a support payor owns a life insurance policy and is required to name the support recipient as irrevocable beneficiary of the policy, what rights does the support recipient have to the policy proceeds in the face of a competing claim of another dependant of the deceased payor brought under the Succession Law Reform Act («SLRA»).

If a value - added policy contains a designated irrevocable beneficiary, converting to LTCSO will require notarized approval by the designated irrevocable beneficiary

Once an accelerated death benefit has been paid, the election to request such accelerated death benefit can not be revoked.Consent of an assignee or irrevocable policy beneficiary may be required.

If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary.

Holding assets in an irrevocable life insurance trust, which requires talking with the beneficiaries about it, including the crummy letters, is just good training for future generations.