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.

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 [...]

The Funeral Home Wants To Be My Named Beneficiary, Is This A Good Idea?

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?

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 [...]