Face your fears and consider these seven potential reasons you need to draft a will immediately.
Archive for the ‘Life Insurance Beneficiaries’ Category.
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 [...]
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 [...]
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 [...]
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 [...]