Sentences with phrase «secondary beneficiaries die»

Some people also designate a final beneficiary in the event the primary and secondary beneficiaries die before they do.

Not exact matches

While you're only required to name a primary beneficiary, it's always a good idea to name at least a secondary beneficiary just in case your primary dies before you do.

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.

So if you choose a 20 payment term, and your primary beneficiary dies after 10 years, the secondary beneficiary will receive the payments for the remaining 10 years.

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.

If things don't go as planned, though, and the primary beneficiary (ies) predeceases the insured, or dies at the same time as the insured, for example in the case where a husband and wife are killed together in an accident, then the contingent beneficiary (ies), also known as secondary beneficiary, receives the funds.

As a secondary beneficiary, this individual only receives benefits if the primary beneficiary dies before the insured.

Most commonly, this provision defines whether the primary or the contingent (secondary) beneficiary is to receive the death benefit in the event that both the insured and primary beneficiary die as a result of a common disaster.

The primary beneficiary gets the entire death benefit, but if they die, the benefit is split amongst the secondary beneficiaries.

He also names his brother as secondary beneficiary in case he and his wife die at the same time.

While you're only required to name a primary beneficiary, it's always a good idea to name at least a secondary beneficiary just in case your primary dies before you do.

If you or your spouse are insured and die, a payout is disbursed to the beneficiary, who is generally your spouse or a secondary beneficiary, should you and your significant other die together.

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.

If the wife had named her children as secondary beneficiaries, and the husband and wife died together in a car accident, the children would receive the death benefit from the life insurance policy on their father.

Then had the husband and wife died together, say - in a car accident; the children, as secondary beneficiaries, would receive the death benefit on the life policy on their father..

The secondary beneficiary is an alternate beneficiary that will receive the death benefit if the primary beneficiary previously died..

If the primary beneficiary dies before you do, then the money passes to the secondary beneficiary.