Sentences with phrase «secondary life insurance beneficiary»

When one has children and names a secondary life insurance beneficiary other than their child, that secondary party is the person whom the insured trusts to make sure the money is used to help the child rather than for the beneficiary's own personal gain.

Not exact matches

I don't think I would put them to the average layperson in a small group setting, but to a pastor or deacon, a question or two at a time... for the record, I am a high school grad, have had three jobs in my entire life (church custodian, newspaper pasteup [pre-computer pagination], and grocery deli clerk), am on SSDI for complications of Marfan's Syndrome, and a Medicare beneficiary, no secondary insurance because I am about $ 20 over the income limit for Medicaid.

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.

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.

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.

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.

If both Jim and Tina became deceased their oldest child would receive the proceeds from the life insurance policy because their oldest child was chosen by Jim and Tina as the contingent or secondary 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.

You can also name a tertiary beneficiary, who would receive your life insurance payout if both your primary and secondary beneficiaries were deceased at the time of your passing.

Typically, a life insurance policy lists two beneficiaries, a primary and a secondary beneficiary.

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.

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.