Sentences with phrase «irrevocable policy 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.

Not exact matches

Janice needs to be an irrevocable beneficiary of this policy, but also possibly an owner, so she pays the premiums and the insurance doesn't expire.

To get the death benefit out of your estate and avoid this problem, consider having your spouse, significant other, or an irrevocable trust own the policy and also be the beneficiary.

With the Irrevocable Life Insurance Trust (ILIT) document, you can manage the way the proceeds of the life insurance policy will be disbursed so that the beneficiary may not have outright ownership to the policy.

Change of Beneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as iBeneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary has been designated as irrevocable.

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.

Unless beneficiary assignment are irrevocable, which would be specified on your life insurance policy, you can change your beneficiaries whenever you choose.

And because the trust is irrevocable and is the owner and beneficiary of your policy, the proceeds escape estate taxes in most cases.

In the US, we have a concept called an Irrevocable Life Insurance Trust; that is one possibility for you, if the UK has the same concept - this is a trust that specifically exists to be the beneficiary (and, technically, owner) of the life insurance policy.

Special needs or pre-Medicaid estate planning may be accomplished by making an irrevocable special needs trust the beneficiary of a life insurance policy, thereby providing necessary support to a dependent beneficiary without disqualifying them from public benefits.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

By making The Niagara Falls Humane Society the irrevocable owner and beneficiary of a life insurance policy, you can be entitled to a donation income tax receipt for every premium you pay.

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.

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

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»).

Change of Beneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as iBeneficiary: A contract provision that allows the policy owner to change the beneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary whenever desired, unless the beneficiary has been designated as ibeneficiary has been designated as irrevocable.

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

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

Change of Beneficiary Provision A life insurance or annuity policy provision allowing you to change the beneficiary whenever desired (unless the beneficiary has been designated as irBeneficiary Provision A life insurance or annuity policy provision allowing you to change the beneficiary whenever desired (unless the beneficiary has been designated as irbeneficiary whenever desired (unless the beneficiary has been designated as irbeneficiary has been designated as irrevocable).

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.

Sometimes, even if people lose touch over the years, they may still be listed on a policy, either because they were originally listed as irrevocable beneficiary and couldn't be changed, or because the person who passed away just wanted to leave it as a surprise gift.

At the second death, the policy proceeds are paid to the named beneficiary which, for tax purposes *, is normally an irrevocable life insurance trust.

The TD T10, TD T20 and TD T100 policies offer the option to designate the beneficiary as revocable (i.e. the beneficiary can be changed by the policy owner), or irrevocable, (i.e. the beneficiary is set at the beginning of the coverage and can not be changed except with the beneficiary's consent).

A revocable designation allows the insured to change beneficiaries after the policy becomes in force, if he or she so chooses, without the consent of the beneficiary; While an irrevocable designation can not be changed in the future without the consent of the beneficiary.

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

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

Parents can name an irrevocable life insurance trust as the owner and beneficiary of the policy.

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

To avoid estate taxes, some policies are owned by the beneficiaries or an irrevocable life insurance trust.

To get the death benefit out of your estate and avoid this problem, consider having your spouse, significant other, or an irrevocable trust own the policy and also be the beneficiary.

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

Irrevocable beneficiary: This type of beneficiary has a vested interest in the policy, and the policy owner can not change the beneficiary without receiving the irrevocable beneficiary's Irrevocable beneficiary: This type of beneficiary has a vested interest in the policy, and the policy owner can not change the beneficiary without receiving the irrevocable beneficiary's irrevocable beneficiary's permission.

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

Special needs or pre-Medicaid estate planning may be accomplished by making an irrevocable special needs trust the beneficiary of a life insurance policy, thereby providing necessary support to a dependent beneficiary without disqualifying them from public benefits.

If an estate is larger and therefore vulnerable to federal or state estate tax exposure, an irrevocable trust may be used to provide liquidity for the estate without being subject to estate taxes by owning the policy and being designated as the beneficiary upon the death of the insured.

Irrevocable beneficiary: A beneficiary that can not be removed from an insurance policy without his or her formal (written) consent.

An Irrevocable Life Insurance Trust (ILIT) is simply explained as a way of having a life insurance policy that does not hold any estate tax consequences for your beneficiaries.

Whereas you'll normally list family members or a charity as beneficiaries for other policies, life insurance for estate protection must have your irrevocable trust.

Your policy beneficiary can either be irrevocable or revocable.

Another option is to set up an irrevocable life insurance trust and designate it as your policy's primary beneficiary.

Unless beneficiary assignment are irrevocable, which would be specified on your life insurance policy, you can change your beneficiaries whenever you choose.

Irrevocable Beneficiary — A beneficiary of an insurance policy that can not be charged withoBeneficiary — A beneficiary of an insurance policy that can not be charged withobeneficiary of an insurance policy that can not be charged without consent.

Naming an irrevocable beneficiary removes the policy from the estate of the insured, who thereby gives up incidences of ownership for estate tax purposes.

The insured can never amend his insurance policy without the consent of his irrevocable beneficiary because this act would lessen or diminish what is due to the irrevocable beneficiary and thus considering that this is a diminution... consent of the IR beneficiary is necessary.

An irrevocable beneficiary can only be changed with the written consent of the policy owner and beneficiary.

IRREVOCABLE BENEFICIARY: A named beneficiary whose rights to life insurance policy proceeds are vested and can not be canceled by the policy owner unless the beneficiarBENEFICIARY: A named beneficiary whose rights to life insurance policy proceeds are vested and can not be canceled by the policy owner unless the beneficiarbeneficiary whose rights to life insurance policy proceeds are vested and can not be canceled by the policy owner unless the beneficiarybeneficiary consents.

Most trust attorneys and financial advisers recommend creating an Irrevocable Life Insurance Trust or «ILIT» to both fund (pay your policy) and to serve as the beneficiary of your second to die or survivorship policy.