Sentences with phrase «irrevocable beneficiary»

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»).

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.

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

Irrevocable beneficiary In this type of beneficiary class, you can not change your beneficiary's name unless they consent to it.

Several consent orders were made holding that Stephen would maintain Anastasia as irrevocable beneficiary on any life insurance policy.

You can not remove or change the designated payout for irrevocable beneficiaries without their express consent.

You can not remove or change the designated payout for irrevocable beneficiaries without their express consent.

Some appoint irrevocable beneficiaries, in which case the beneficiary, once designated, can not be changed.

The Order required that Stephen maintain Anastasia as irrevocable beneficiary on any life insurance policy.

Does he sign as irrevocable beneficiary?

The child is the irrevocable beneficiary — a beneficiary who can not be removed once named to the account.

If your beneficiary is «irrevocable», you can change your beneficiary designation if the irrevocable beneficiary signs a waiver of irrevocability.

Other changes to the policy, such as surrendering it for its cash value, also require the consent of the irrevocable beneficiary.

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

Irrevocable Beneficiary: A type of beneficiary designation that can not be changed without the written consent of the beneficiary.

Changes to an irrevocable beneficiary require written permission of the beneficiary.

If, for some reason, you can not obtain new insurance, have his or her existing policies transferred to you as the new, outright policy owner or irrevocable beneficiary.

Having irrevocable beneficiaries can be difficult if, for example, you get divorced and need your ex-wife's consent to change how your life insurance benefits are paid out.

The only time this process becomes complex is if you have irrevocable beneficiaries.

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.

Under the Family Law Act or the Divorce Act, a court can order a support payor to designate the support recipient as the irrevocable beneficiary of a life insurance policy to ensure funds exist at the time of the payor's death to satisfy his (or her) support obligations specified in the support order.

The irrevocable beneficiary designation was not supposed to be a windfall, but was intended to secure the payor's obligations.

It has been a long standing practice in family law to include provisions that a support recipient be named as an irrevocable beneficiary in separation agreements and court orders.

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

A final Order was eventually issued, with the requirement for Stephane to maintain Anastasia as irrevocable beneficiary to continue.

Hoping to alleviate this kind of confusion, divorcing couples are now making their children their irrevocable beneficiaries to ensure they will always be covered.

Irrevocable Beneficiary - a life insurance policy beneficiary who has a vested interest in the policy proceeds even during the insured's lifetime because the policy owner has the right to change the beneficiary designation only after obtaining the beneficiary's consent.

The irrevocable beneficiary may refuse to sign the consent form to be removed from the policy.

Irrevocable Beneficiary A beneficiary designation that can not be changed without the consent of the beneficiary.

An «Irrevocable Beneficiary» is a beneficiary that can not be changed, unless the beneficiary agrees to the change.

As the policy owner, you may amend beneficiaries — unless the policy has an irrevocable beneficiary designation.

Yes, you can easily change the beneficiary on your life insurance at any time by contacting the insurer and letting them know, unless the policy has an irrevocable beneficiary designation, which is uncommon.

Does he sign as irrevocable beneficiary?

Irrevocable Beneficiary: A beneficiary of the decedent who has vested rights to the proceeds of a life insurance policy.

These rights can only be canceled by the policyholder if the irrevocable beneficiary offers his or her consent.

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

There are a number of potentially complicated legal issues that can occur if you opt to go with an irrevocable beneficiary.

Irrevocable Beneficiary: A type of beneficiary designation that can not be changed without the written consent of the beneficiary.

The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation.

With an irrevocable beneficiary, creditors can not touch the policy proceeds as these monies are not considered to be a part of your assets.

At times, even if it is the intention of the policy owner to change the irrevocable beneficiary on record but the irrevocable beneficiary does not wish this so, then the case may be forwarded to court for legal settlement.

Revocable vs Irrevocable Beneficiaries There are two types of beneficiaries: the revocable and the irrevocable beneficiary.

[x] In contrast to the irrevocable beneficiary, this beneficiary to a life insurance policy whose right to the policy proceeds can be cancelled or changed by the policy owner anytime before the death of the insured.