Sentences with phrase «named policy beneficiary»

Should the insured pass away while the policy is in force, the named policy beneficiary (or beneficiaries) will receive the set amount of death benefit.

This policy provides a graded benefit, which means that if death of the insured that is due to natural causes — in other words, death that is caused by means other than an accident — during the first two years in which the policy has been in force, the named policy beneficiary will only receive back all of the premiums that were paid in, plus 10 percent, as versus the face amount of the policy.

It is, however, important to note that if there is an unpaid balance at the time of the insured's death, the unpaid amount will be charged to the death benefit amount that is paid out to the named policy beneficiary.

In regards to life insurance, commissioners say naming a policy beneficiary is an important task that should be on every couple's to - do list.

The employer owns the policy and allows the employee to name the policy beneficiary.

Not exact matches

To avoid negative tax consequences, ask your CPA to help you decide whom you should name as the beneficiary of your policy.

Hyde says a will or life insurance policy should never name a minor child as a direct beneficiary.

Actions that are considered Centennial Planned Gifts include making estate plans through a will or a living trust; creating a charitable remainder trust and naming the Business School as the remainder beneficiary; entering into a charitable gift annuity agreement with the School; naming Columbia as the beneficiary of a life insurance policy or retirement plan; or establishing a donor - advised fund at Columbia.

If you prefer to retain ownership of your policy and name the Foundation as beneficiary, your estate will receive a tax receipt for the proceeds after your passing.

Because you have chosen to name the Foundation as the beneficiary of a policy, there are no disputes about ownership of the policy proceeds.

There are two ways to gift life insurance: You may name the Fraser Institute Foundation as either the owner, or as the beneficiary, of a policy.

You can also purchase a new policy and name the organization as the sole beneficiary.

Realizing that such an award would be rejected out of hand by a judge, Sparks moderated her demand, and Payton agreed to contribute $ 5,550 a month in child support, establish a $ 175,000 college trust fund and purchase a $ 1 million life insurance policy naming the child as beneficiary.

When Larry, a widower, learns he can not name his children as beneficiaries on his life insurance policy, he needs a big favor from Chuck: Sign on as Larry's domestic partner.

Actually, the plot is a lot more convoluted than that; it involves a trio of corrupt detectives (Bill Paxton, Shea Whigham, Mike Epps), Nick's ex-wife's alcoholism, a life insurance policy that names Cate as the sole beneficiary, a drug kingpin (Jordi Mollà) out to avenge the death of his son, and plenty of clunky voice - over.

If the policy names the estate as the beneficiary, the estate will pay off all creditors before distributing any remaining money to the heirs.

Typically, any person or entity can be named a beneficiary of a trust, will or life insurance policy, and the one distributing the funds, or the benefactor, can put various stipulations on the disbursement of funds, such as the beneficiary attaining a certain age or being married.

Although the contingent beneficiary is named in the life insurance policy, he or she won't receive a portion of the death benefit if any of the primary beneficiaries are still alive.

It's always best to seek the advice of your financial advisor, tax advisor or your insurance agent when you are buying a life insurance policy, naming your beneficiaries, and making any changes to your policy, as to whether those choices may result in tax consequences.

Charity as beneficiary: Similar to leaving a bequest through a will is naming the charity as the beneficiary of your life insurance policy directly on an application.

You can either have the charity apply for a new policy naming it as beneficiary and you as life insured, or you can transfer an existing policy to it.

Consider naming the person who would be responsible to pay off your loans in the event of your death (i.e. co-signer, spouse, etc) as the beneficiary of the policy so that they can receive the cash directly from the insurance company.

If you die while your policy is in force, your named beneficiaries will receive the policy's death benefit.

Include the death benefit and cash surrender value — if any — of each policy, as well as the names of the insurance companies and the beneficiaries.

Take life insurance as an example: you pay for a policy, and if you die during the term then that money (the death benefit) goes to the person you named as your beneficiary on the policy.

For example, if the will or trust leaves equally among the testator's children, all life insurance policies and annuities should name the trust as beneficiary.

Did you know you can name your favorite charity as your policy's beneficiary?

For example, if an individual owns a policy based on the life of his spouse and names himself as the beneficiary, this policy will not be creditor proof.

If a contingent or secondary beneficiary is not named, the life insurance proceeds will be paid to the estate of the policy owner by default.

When you purchase a term policy, you can name specific beneficiaries to receive the death benefit if you pass away.

Married couples can either name each other beneficiaries of their own life insurance policies, or own policies on one another.

A third option would be to name your estate as the beneficiary of your life insurance policy and then draft a will that states how you wish to divide your assets and you can name your significant other as the beneficiary of the life insurance benefit.

I understand about «insurable interest» but, can I have my parents (remarried to other ppl) take out a term life policy, name me as the beneficiary but, I will make the monthly payments?

While spouses can own life insurance on each other, most couples top to own their own policy and simply name their spouse as the policy beneficiary.

At this time they may be planning to have a family of their own and can name their spouse and children the beneficiaries of this well - aged policy.

There are many times in which it makes sense to name a trust the beneficiary of a life insurance policy.

For example, if you purchased a policy when your eldest daughter gave birth to the family's first grandchild, you may have named your daughter the beneficiary of your policy.

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.

If you name your spouse your primary beneficiary, and he or she predeceases you, you should update your policy.

You are not required to be legally married in order to name him or her your policy's beneficiary.

You spend countless hours researching the best life insurance companies, narrowing down your select few and the right policy, only to have all your careful planning go up in smoke due to a failure to properly designate your beneficiary or failing to update your policy.The following article will address the various concerns with naming different life insurance beneficiaries that you need to be aware of to avoid sabotaging your legacy.

The main purpose of the policy is to pay a death benefit to the beneficiary named in the policy.

If two beneficiaries are listed on an employment life insurance policy split up 50/50, and one of the beneficiaries are not found (due to no contact information or last name etc) would the other beneficiary receive the 100 % or only the 50 % originally placed?

No matter how many beneficiaries are named in a life insurance policy, the distribution percentages need to add up to 100 %.

While you must name at least one beneficiary for your policy, it's possible to go above and beyond, naming multiple people on your life insurance policy.

One of the most important steps in setting up your term life insurance policy is naming your beneficiary.

If you name your child beneficiary to your policy and they are not yet legal adults when you die, the court will appoint a property guardian to manage these funds until your child reaches legal age.

There are exceptions, such as when the policy names the estate of the deceased as the beneficiary, but the majority of the time life insurance is not taxed.

You have a variety of options when it comes to naming a beneficiary on your life insurance policy.

The person or entity that you name as beneficiary on your life insurance policy contract will receive the death benefit proceeds when you die.