Sentences with phrase «usually life insurance beneficiary»

In these states, there are usually life insurance beneficiary rules that require your spouse to waive their rights if you want to designate someone else as beneficiary.

Not exact matches

The repayments that you then make to your life insurance policy will usually have a low rate of interest — and, if you do not end up paying back these funds, the amount of the unpaid balance will be deducted from the death benefit that your beneficiary receives.

This type of contract, usually sold by life insurance companies, pays a regular stream of income to the beneficiary or annuitant at some agreed - upon start date in the future.

A contract usually sold by life insurance companies that guarantees an income to the beneficiary or annuitant at some time in the future.

Usually, your beneficiary won't have to pay taxes when he or she receives life insurance, so owning a term policy like this can provide significant peace of mind.

One of the main advantages of life insurance benefits is that they are usually paid to named beneficiaries quickly, usually within 60 days of a claim, and do not have to wait to go through probate court with the rest of your legacy assets.

This is usually the most affordable type of life insurance, and lasts only as long as you need it to cover debts and provide for beneficiaries.

Accounts that usually need beneficiary designations include the following: 401k, 403, 457 plans, retirement plans for the self - employed, individual retirement accounts or IRAs, credit union plans, disability and life insurance policies and annuities.

Unlike standard life insurance policies where the surviving spouse is usually the beneficiary, second - to - die life insurance is generally used for estate planning purposes.

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.

Life insurance benefits are usually paid out to beneficiaries in a one - time lump sum.

Because the payment from the life insurance company will usually proceed when the estate tax is due, this arrangement can be handled by a law firm, accountant or even by the beneficiary to ensure that the taxes are fully paid.

Life insurance proceeds usually avoid probate, which means the insurance company can pay the death proceeds to the beneficiary without delay.

What it is: Life insurance pays out a tax - free sum of money to your beneficiary, usually a family member, in the case that you die unexpectedly.

Life insurance companies are legally required to search for beneficiaries once they become aware that their policy holder is deceased, but payouts are usually not issued automatically.

If you or your spouse passes away at any time during this term (usually 20 — 30 years), your beneficiaries will receive a payout from the term life insurance policy.

This is usually the most affordable type of life insurance, and lasts only as long as you need it to cover debts and provide for beneficiaries.

In most cases, a life insurance policy that has a charitable giving rider will pay the death benefit amount to the policy's beneficiary (or beneficiaries), and then it will pay an additional percentage — usually 1 — 2 percent of the policy's face amount — to the charitable organization.

Since most AD&D payments usually mirror the face value of the original life insurance policy, the beneficiary receives a benefit twice the amount of the life insurance policy's face value upon the accidental death of the insured.

Term life insurance will pay out in a lump sum to the beneficiary once proof of death is provided to the insurance company in the form of a certificate of death and usually a copy of the policy.

Under the Internal Revenue Code («IRC») dealing with life insurance benefits paid due to the death of the insured, the benefits are usually excluded from the taxable income of the beneficiary.

Since a life insurance payout is usually distributed in one lump sum, no one will dictate how that money should be used, giving you and your beneficiaries the ability to design a policy that truly fits your needs.

You pay life insurance premiums for the length of the term, usually 5, 10, 20 or 30 years, and if you pass away during the term, your beneficiaries receive the death benefits.

For example, with most ordinary life insurance policies, the policy owner and insured are the same person, and the beneficiary is usually a spouse or other family member.

The proceeds from a life insurance policy are usually paid to the beneficiary free from federal income taxes.

Life insurance avoids probate and the proceeds are usually tax free to beneficiaries.

The proceeds from life insurance are usually paid out to the beneficiary free from federal income tax.

Another advantage of permanent life insurance is that the money your beneficiaries receive is usually free from federal income tax.

Usually, death benefits from a life insurance policy are paid directly to the beneficiary, free from any federal income tax.

Term life insurance gives your beneficiary a predetermined death benefit if you die within a certain period of time, usually 10, 20 or 30 years.

Life insurance companies usually can not act as trustees or guardians, nor exercise discretion in making payments to beneficiaries.

Decreasing TERM LIFE insurance is usually used to provide your beneficiaries with monies to be used for paying off your house / loans / car loans / etc in the event of your death.

Split dollar insurance: An arrangement between two people (often an employer and an employee) where life insurance is written on the life of one who also names the beneficiary of the net death benefits (death benefits less cash value), and the other is assigned the cash value (or equivalent amount of death benefits), with both sharing the premium payments (usually the noninsured paying a portion equal to the increase in cash value each year and the insured paying the balance of the annual premium).

Life insurance is usually a pretty straightforward product: you pay for the policy and when you die, a sum of money (the death benefit) goes to the beneficiaries you named on your policy (find out How to Collect a Life Insuranceinsurance is usually a pretty straightforward product: you pay for the policy and when you die, a sum of money (the death benefit) goes to the beneficiaries you named on your policy (find out How to Collect a Life InsuranceInsurance Payout).

To receive the sum, a legally entitled beneficiary is usually required to proceed to the claims department of an insurance company and bring proof of death of the insured and make a request to receive payment based on the terms of the life insurance plan.

Survivorship life insurance is a type of permanent life insurance that insures two people, usually a married couple, and pays the death benefit to beneficiaries only after the second person passes.

Usually each spouse pays for a life insurance policy and lists the other spouse as the beneficiary.

Beneficiaries usually receive the proceeds from a life insurance plan free from federal income tax and can use the money as they see fit.

Guaranteed issue life insurance policies have hefty premiums, are usually only issued for short periods of time, and there are circumstances where, because of the expense, they may actually wind up costing you more than your beneficiaries receive upon payout.

Accidental Death Benefit Rider: In the event that you die in an accident, the Accidental Death Benefit Rider of your life insurance policy will pay an additional amount — usually two times the amount of the benefit — to your beneficiaries.

The death benefit is paid (usually free from federal income tax) to the beneficiary, which is chosen by the owner of the life insurance policy.

Once the life insurance company has received all of the necessary paperwork completed by the beneficiary, along with the original death certificate, the insurance company will send payment usually by mail within 7 to 10 days.

Life insurance proceeds usually go directly to the beneficiary without any federal income tax.

Usually, when you apply for a life insurance policy, you mention a nominee or beneficiary.

Proceeds from a life insurance policy to a beneficiary are usually paid free from federal income tax.

Usually, the proceeds of the mortgage protection life insurance are paid to the beneficiary, which is the mortgage company holding the mortgage loan.

The death benefit from a life insurance policy is usually paid out to the beneficiary free from any federal income tax.

The life insurance proceeds are usually paid out to the beneficiary free from any federal income taxes.

Usually, the insured will name their spouse as well as their children as beneficiaries of their life insurance policy.

Term life insurance benefits are usually paid to your beneficiary free from federal income tax.