Given the importance of life insurance to replace income or to create an inheritance for heirs, ambiguity regarding beneficiary advice can cause catastrophic results and unintended consequences, ultimately resulting in a failure to meet objectives. Source material available to financial serv...
When choosing your primary beneficiary, the above advice is applicable. But don't just list one person. Financial advisers generally recommend you list contingent beneficiaries as well. What is a contingent beneficiary? This is someone (or multiple people) who will receive the policy payout if ...
Once an insurer has all the information they need to assess and agree to pay a claim, you can expect to receive the payout within a few days. Where a life insurance policy has been written in trust, it will speed up this process. A trust names the beneficiary or beneficiaries and, as...
In order to fully grasp the significance of a contingent beneficiary, it is important to first understand the concept of life insurance beneficiaries as a whole. A beneficiary is an individual or entity that you designate to receive the death benefit from your life insurance policy when you pass...
Life Insurance Solut...Beneficiary Assistan...Beneficiary Assistance Supporting you through one of life's most challenging moments Support Beyond Life Insurance Below are several resources to support you during this difficult time including information on how and why to notify important third parties ...
Not just anyone can be the beneficiary of your policy. Life insurance is intended to provide financial assistance to your loved ones, but only to those who have aninsurable intereston the insured (the person who is covered by the policy). Your beneficiaries are people in your life who would...
endowment insurance- life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured tontine,tontine insurance- a form of life insurance whereby on the death or de...
5. Choose a Beneficiary or Beneficiaries Part of the process of signing up for a life insurance policy is designating the people who will receive your policy’s benefits after you die. Most policyholders designate their spouse or children, but you can assign your benefits to anybody who depends...
Making a valid claim on life insurance is more straightforward than you may think. Find out how life insurance pay-outs work with our guide.
The owner of a life insurance policy designates the beneficiary’s which upon the insured’s death will receive a policy payment, the policy beneficiary is not party to the insurance policy, unless there is an ‘irrevocable beneficiary’ (see description of irrevocable beneficiary above); the owne...