Archive for the ‘Life Insurance Beneficiaries’ Category.

Morbid But True: 7 Reasons You Should Get a Will

Face your fears and consider these seven potential reasons you need to draft a will immediately.

How Do I Change The Beneficiary Of A Life Insurance Policy?

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. […]

How Many Beneficiaries Should I Name on My Life Insurance Policy?

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 […]

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 […]

How Do I Name my Beneficiaries on My Life Insurance Policy, Do & They Have to Be Related?

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 […]

What Happens When There Is More Than One Beneficiary Listed On A Life Insurance Policy, And Who Receives The Money?

When there are more than one beneficiary listed on a life insurance policy, the policy should define who is to receive the funds. If one individual were listed as the primary beneficiary, that person would receive the funds and distribute the funds accordingly. Certain wills and living trusts appoint an administrator of the will to […]

What Are the Different Types of Beneficiaries on a Life Insurance Policy?

Life insurance policies generally have two beneficiaries to which their benefits will be paid. These are the main beneficiary and a second one to receive the benefits should the first beneficiary have already died before the benefits of the policy would be given out to the beneficiaries. There are two types of contingent beneficiaries: a […]

How to Resolve a Missing Insurance Policy After A Relative’s Death

When a close relative, like a mother or father, dies and their life insurance can not be found, many people are unsure of the next step. Unless you know specific information regarding their policy, like which company carried it and if the policy is still in force, there are a few different possibilities regarding the […]

A Distant Relative Named Me Beneficiary On Their Life Insurance Policy – Am I Owed Money?

If my distant relative named me the sole beneficiary on their life insurance policy years ago, how am I supposed to find out if there is any money owed to me? Finding out if there is any coming coming to you when you are named the sole beneficiary to a distant relative many years ago […]

If A Family Member Dies And I Don’t Have The Policy Information, Can I Still Collect On It?

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 […]