Sentences with phrase «named as primary beneficiaries»

For example, if your spouse named you as the primary beneficiary of his IRA, and your son as the contingent beneficiary, if you disclaim your IRA inheritance (meeting all the necessary requirements), your son would inherit all of the IRA assets.

If you have additional family members you'd like to provide for after you're gone, you can also name them as your primary beneficiaries, in addition to the special needs trust.

The husband's life is insured, and wife is named as the primary beneficiary with the kids as contingent beneficiaries.

Not exact matches

Because many people name immediate family as primary beneficiaries, they often select close friends and relatives as contingent beneficiaries.

If you were not yet in a serious relationship with your spouse when you first bought life insurance, you may have named a parent or sibling as your policy's primary beneficiary.

An example of a tertiary beneficiary for life insurance would be if you name your wife as the primary beneficiary, your son as the secondary beneficiary, and your son's daughter, your grandchild, as the tertiary beneficiary.

The primary disadvantage of naming a trust as beneficiary is that the retirement plan assets will be subjected to required minimum distribution (RMD) payouts, which are calculated based on the life expectancy of the oldest beneficiary.

Often, you'll name a primary beneficiary (generally your spouse), and a secondary beneficiary (often your children) if the primary is incapacitated or dies at the same time as you.

That meant keeping each other as the primary beneficiary, and naming the trust as the secondary beneficiary.

You can name Mostly Mutts Animal Rescue as a primary life insurance beneficiary or as a contingent beneficiary should your other beneficiaries not survive you.

You can name The Grey Muzzle Organization as a primary life insurance beneficiary or as a contingent beneficiary should your other beneficiaries not survive you.

It is common for a lender, bank or other entity to ask a business owner to take out and maintain a life insurance policy and name the lender as a primary beneficiary for the debt (payoff schedule is usually attached to the assignment), as a condition of the loan until the loan is repaid.

This type of policy is a life insurance policy which is a purchased for primary executive or other key personnel in a company where the company is named as the beneficiary.

If you were not yet in a serious relationship with your spouse when you first bought life insurance, you may have named a parent or sibling as your policy's primary beneficiary.

The contingent beneficiary, as you may have guessed, is the person or persons you name to receive the life insurance proceeds in the event the primary beneficiary passes away before, or at the same time, you do.

You can name each other primary beneficiaries and then list, for example, adult children or trusted family members as secondary beneficiaries in the event that you both pass away at the same time.

You can also name your family as shared primary beneficiaries so that if you decide to accelerate your mortgage payments and the principal balance is less than expected at your date of death, the overage goes to your loved ones.

Another way you can provide a substantial gift to a non-profit organization is to name a charity as the primary or contingent beneficiary of your life insurance policy.

This act allows the court to decide that the life policy proceeds are paid as if the insured outlived the primary beneficiary and if a secondary beneficiary is named, he or she will receive the death benefit proceeds.

Expanding on Barker's comments, it should be noted that beneficiaries indeed are paid out in the event of the primary beneficiaries» passing (prior to, or in conjunction with the named person), and are as important as a primary beneficiary when taking into consideration as to how one wishes for their policy to assist their family and loved ones after one's passing.

Barker elaborates on the importance of contingent beneficiaries, «Always ensure you have a contingent beneficiary named, especially when your spouse is the primary beneficiary as spouses spend the most time together and may be involved in the same unfortunate circumstances that may have them both pass at the same time.

Most people don't really give a thought about the beneficiary's portion of their policy.In most instances, we name our spouse as the primary beneficiary of our life insurance policy.The majority of insurance companies would -LSB-...] Read More

As with all key man life insurance, if the business is making the loan, the proper thing to do is to name your business, not the lender, the primary policy beneficiary.

Just because you have a common law marriage, don't make the assumption that your common - law spouse will automatically receive the death benefit unless you specifically name him or her as your primary beneficiary.

For example, you can name a non profit organization as the primary beneficiary of your life insurance death benefit.

Another way that life insurance can be used as a great estate planning tool is by naming your business partner as the primary beneficiary.

A contingent beneficiary, also referred to as a secondary beneficiary, is simply the person named in your policy that will receive your life insurance death benefit should your primary beneficiary pass away before, or at the same time as you.

For example, your spouse may be listed as the primary beneficiary and your adult child (or another loved one) would be named as the contingent beneficiary.

When purchasing these policies, James and Lily would have likely named each other primary beneficiaries, followed up by naming Sirius Black their contingent beneficiary as custodian of their minor son.

So if you named your spouse as primary beneficiary, had not named any contingent beneficiaries, and you both pass away at the same time, then the insurance company won't be able to pay your spouse — and at that point they will simply pay the death benefit to the estate.

Name Primary Beneficiaries As Well As Contingents.

You should also give some thought to who you wish to name as a beneficiary in case your primary beneficiary expires.

In case no primary beneficiary is alive at the time of the insured's death, it is wise that the owner name another line of beneficiaries, known as secondary beneficiaries.

Most people name their spouse (or partner) as the primary beneficiary and their children as secondary (or contingent) beneficiaries.

It is therefore imperative for both father as well as mother to have independent life insurance policies and name each other as primary beneficiaries.

It is common for policyholders to name their spouse as the primary beneficiary of their life insurance policy and their children as contingent beneficiaries.

When naming beneficiaries in order as such, the first beneficiary is known as the primary beneficiary, and the beneficiary (or beneficiaries) that is next in line is known as the secondary beneficiary.

An example of a tertiary beneficiary for life insurance would be if you name your wife as the primary beneficiary, your son as the secondary beneficiary, and your son's daughter, your grandchild, as the tertiary beneficiary.

The beneficiary clause is a provision in a life insurance policy that permits the policy owner to name anyone as primary and secondary beneficiaries.

She may name their children as the primary beneficiaries.

For example, you name your three brothers as your primary beneficiaries.

You can name your spouse as primary beneficiary with the stipulation that if he or she dies within 30 days of your death the proceeds go to the contingent beneficiary.

Your spouse can be listed as the primary beneficiary and a trust can be named as a contingent beneficiary.