Sentences with phrase «primary beneficiary of their life insurance policy»

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

Senior citizens who purchase life insurance with the intention of covering mortgage loans may wish to entrust a close family member as their primary beneficiary of their life insurance policy.

Not exact matches

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.

As with primary beneficiaries, contingent beneficiaries should be provided with a copy of your life insurance policy, as this will smooth the claims process.

The primary purpose of any life insurance policy is to provide a death benefit to your designated beneficiaries if you die.

If you wish to make a lasting legacy gift to Cat Town, please consider making Cat Town the primary or contingent beneficiary of your life insurance policy.

It's important to understand — If the insured passes away, and the primary beneficiary dies, and there is no contingent beneficiary — The proceeds of the life insurance policy pass on to your estate, and may be subject to additional taxes and fees that otherwise would not been taken from the proceeds.

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.

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.

All life insurance policies have three primary parties that are required as part of the application process: the insured, the policy owner and the beneficiary (s).

Contingent Beneficiary An individual or entity that is entitled to receive the proceeds of a life insurance policy if the primary beneficiary is not living at the time of the insurBeneficiary An individual or entity that is entitled to receive the proceeds of a life insurance policy if the primary beneficiary is not living at the time of the insurbeneficiary is not living at the time of the insured's death.

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.

The primary beneficiary is the person or entity that is chosen to receive the death benefit first, receiving the proceeds of your life insurance policy when you die.

The insurance company may or may not pay the beneficiary of a life insurance policy in the event of a suicide depending on the circumstances, the primary factor being the existence of two clauses found in a life insurance policy: The Suicide Provision and the Incontestability Clause.

The primary purpose of any life insurance policy is to provide a death benefit to your designated beneficiaries if you die.

A contingent beneficiary is defined as the person or organization who would receive under the terms of the life insurance policy if the primary beneficiary can not or chooses not to receive the death benefit proceeds.

Upon the death of the primary insured, term life insurance pays the face value of the policy to the named beneficiary.

The primary reason people buy term life insurance is to help their loved ones (beneficiaries) financially after the owner of the life insurance policy dies.

They act as the primary beneficiary on your life insurance policy and the balance of your loan is paid if you were to die.

Most life insurance companies include a rider on their term life policies that allows the payment of a portion of the policy death benefit to be paid to the policy beneficiary (s) in the event the primary insured is diagnosed as terminally ill by a practicing, licensed physician.

He had submitted an application for life insurance showing his wife and his two daughters, ages 1 and 3, as equal primary beneficiaries of a $ 1,000,000 policy.

Unless the policy owner changes the beneficiary, or the primary beneficiary is deceased before the life insurance policy owner that is the person or group of people who will receive the settlement.