Sentences with phrase «usually named a beneficiary»

For most people (including myself) a spouse is usually named a beneficiary to ensure that the funds can be transferred easily to the spouse in case the RRSP holder passes away.

The funeral homes are usually the named beneficiary.

Not exact matches

However, a gift of assets to a non-spousal trust that names other persons as beneficiaries usually results in a disposition of those assets at fair market value for income tax purposes.

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.

If the beneficiary dies before the participant and payments have already started, the participant's monthly benefit usually will not change and the participant typically can not name a new beneficiary.

The insured party usually has the option of changing named beneficiaries.

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 beneficiary can be a person, institution, or charity and though insurable interest is not required to be a beneficiary, family members of the insured are usually named.

While many types of annuities allow the annuity owner to name a beneficiary (usually a spouse) who will be eligible for either continued payments or death benefits, a straight life annuity forgoes this added benefit in favor of higher guaranteed payments while the annuitant is alive.

As an alternative, there is the joint and survivor annuity, which continues to make payments until both named individuals (owner and beneficiary — usually spouses) are dead.

Naming a contingent beneficiary usually solves most of these problems.

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 Insurance Payout).

It is usually best to name a beneficiary.

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

Beneficiaries are usually named by the owner of the policy, and can be any person, place, or thing.

Generally, the policy owner — who is also usually the person who pays the premiums — can name anyone he or she chooses as beneficiary.

Usually a spouse doesn't have any right to claim the life insurance money if someone else is named as beneficiary — except in a community property state.

This type of coverage is usually purchased in conjunction with a funeral home which will be the named beneficiary on the policy.