Sentences with phrase «primary life insurance beneficiary»

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.

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.

Not exact matches

For example, Cheryl lists her husband John as primary beneficiary for her life insurance policy and their two children as contingent beneficiaries.

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.

For example, Sarah lists her children's stepfather Alex as primary beneficiary and her favorite charity as contingent beneficiary for her life insurance proceeds.

For this reason, it is generally advisable to select both a primary and contingent beneficiary on a life insurance 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.

It is so basic it should probably be called «death insurance» rather than life insurance, since your primary benefit is that it will pay out a death benefit to your beneficiary.

To recap — selecting your primary and contingent beneficiaries is just as important as owning a life insurance policy.

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.

Your life insurance policy should have both «primary» and «contingent» beneficiaries.

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

Say your spouse was your primary beneficiary but was somehow incapacitated or determined to be not fit to claim the life insurance benefit.

Contingent beneficiaries, or secondary beneficiaries, are the people that would receive your life insurance proceeds in the case that all of your primary beneficiaries died or were for some reason unable to claim the payout.

You want to assign a contingent beneficiary as your primary beneficiaries could die or somehow be impaired, and it can be a hassle for your family if your life insurance proceeds are added to your estate.

As you can see, the only real difference between primary and contingent beneficiaries is that primary beneficiaries have the first claim to your life insurance proceeds.

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

The primary purpose of obtaining any kind of life insurance is so that there'll be a death benefit available to your beneficiaries at the time of your death.

This is a good option to use if the primary purpose of your life insurance is to provide support for your beneficiaries after your death.

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 know whether your spouse has life insurance and whether these would consider adding you as a primary beneficiary.

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.

Primary Beneficiary The person or entity who, at the insured's death, has the first right to receive life insurance proceeds.

The party or parties designated to receive the life insurance proceeds if the primary beneficiary where to pass away before or at the same time as the insured.

The primary objective of personal life insurance is to provide final expenses and protect beneficiaries from an income loss or debt burden in the event of a family member's death.

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 the insured and the primary beneficiary have died before the death benefit was paid out, the contingent beneficiary receives the life insurance proceeds.

The person, people or organization that will receive life insurance death benefits if the primary beneficiary dies before the insured.

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 primary beneficiary is the person or persons you name to receive the life insurance proceeds when you die.

Any primary, or first, beneficiaries listed on a term life insurance policy would receive the insurance benefit, provided they could be found and were living.

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.

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.

Because term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities for the insured or his or her beneficiaries.

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.

You would be surprised at how often someone with life insurance dies and ends up leaving their spouse with nothing because their ex-spouse is still listed as their primary beneficiary.

To recap — selecting your primary and contingent beneficiaries is just as important as owning a life insurance policy.

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.

Per capita rule — Death proceeds from an insurance policy are divided equally among only the living primary beneficiaries.

Life insurance exists to cover expenses and debts for your beneficiaries if you as the primary breadwinner are no longer around.

This person or entity will receive the life insurance policy proceeds in the event that both the primary and the secondary beneficiaries are unable to do so.

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.

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.

For example, if Harry married Sally and got a life insurance policy on himself during their marriage, odds are that he would choose Sally to be the policy's 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.