Face your fears and consider these seven potential reasons you need to draft a will immediately.
Archive for the ‘Life Insurance Beneficiaries’ Category.
The first thing you need to do is determine if you have any physical evidence of the policy. Presuming that you can find some indication that the policy exists (e.g. summary paperwork, records of payment) and with which company you should contact the insurance company, promptly to inquire as to whether the policy has lapsed [...]
The answer to this question is simple: No, naming a funeral home or director as your beneficiary is not in your or your family’s best interest for several reasons. First, and foremost, there will be no discretion to how the funds are spent in taking care of your burial. Your family will not have any [...]
Who can benefit from my life insurance policy? When buying a life insurance policy there are certain things to consider. One of those things is who to choose as the beneficiary of your new life insurance policy. Usually that person would be our immediate family member or relative or maybe a business partner, but there [...]
In most cases, it’s easy to change the beneficiary of a life insurance policy. The policy owner can visit their insurance company’s website to obtain the needed form. The form should then be filled out completely with the appropriate signatures, usually including a signature from a witness that is not a beneficiary of the policy. [...]
The short answer is yes, it is completely possible. A word of precaution, in the case of a grandchild who is a minor, it might be preferable or smarter to have the proceeds paid to a trusted person instead of directly to the child. This should be a person that you trust to use the [...]
To ensure that all proceeds are distributed fairly and according to the insured wishes, life insurance policies by and large have at least two beneficiaries. One is the primary beneficiary who receives the money in the event that the insured passes away. There is also a contingent beneficiary. This individual receives all money and proceeds [...]
There is no need to worry, if you cannot find the policies. A great deal of information is kept online and in other places nowadays, and things can be tracked down quickly. The time when you lose a piece of paper could destroy your plans, is over. Not only do they keep track electronically of [...]
Will A Beneficary That Receives Social Security, Have Their Income Affected If They Receive A Payment?
When a beneficiary receives a payment from a life insurance policy it will not compromise their Social Security benefits. A payment of a life insurance policy is not considered taxable income. Therefore, payments cannot be decreased because someone was the recipient of a life insurance payment. As an additional note, people who receive a life [...]
Naming the beneficiaries is totally up to you and you can choose to name anyone you wish to be a beneficiary, regardless of whether or not the would-be beneficiaries are related to you or not; however, the application requires that your beneficiary or beneficiaries have an “insurable interest” in the insured. This means that there [...]