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Does a beneficiary have the right to know the face value of a life insurance policy?
Wiki User
∙ 11y ago
Yes, they have a right to know the face value of a life insurance policy because if they die they could pass the money to people who needs it and they could do better thing to other people
Wiki User
∙ 11y ago
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Can there be more than one beneficiary on a life insurance policy and if so can a percentage of value of the policy be set per beneficiary?
The answer is yes to both of your questions.
Can a person be executor and beneficiary of insurance policy and sole right to the insurance money?
Yes. Insurance proceeds, unless the beneficiary is the estate, are payable directly to the person who is named as the beneficiary beneficiary. As such, the policy proceeds pass "outside" of the estate and do not become a part of it. If the same person who is the named beneficiary of the policy is also the executor of the estate, he/she is required to carry out the directives of the Will. This includes paying legal debts of the deceased, ensuring protection of the value of the assets of the estate, and distributing the assets as directed in the Will.
What happens to the cash value of a life insurance policy when you die?
Pays out to beneficiary-just the value of coverage not cash value if sold.
Life insurance part of estate?
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
Are benefits from a whole life insurance policy taxable?
As a general rule, life insurance proceeds from any type of policy are not taxable to the beneficiary. In addition, any loans from cash value are not taxable unless the policy lapses.
Which of the following best represents what is meant by life insurance creates an immediate estate?
The face value of the insurance policy is payable to the beneficiary upon the death of the insured.
Can you borrow against your life insurance plan or use it as collatoral for a loan?
You can take out the net cash value on your policy if you have cash value, or you can assign the policy as collateral for a loan, and change the beneficiary to be the lender.
If the beneficiary of a term life insurance does not know the benefit amount will the insurance tell you the amount of the policy?
== == == == The life insurance policy will state the face value ( death benefit ) of the policy. However, it may not state the amount that each beneficiary will receive as the number of beneficiaries may have changed since it was issued. Until a claim is paid, the beneficiaries will not know how much they'll receive.
What is the difference between term life versus whole life insurance?
Term life insurance is only life coverage. When the person who is insured dies, the beneficiary receives the amount of the policy. Whole life insurance is a term life policy combined with an investment. This policy builds value.
How can the insurance co make a payment to someone else if you are the beneficiary of a life ins?
A life insurance policy has an owner, who is the person who is buying the insurance, as well as a designated beneficiary. Some kinds of life insurance, called whole life, have value as an investment and can be cashed out by the owner if he or she so desires (unlike term life which has only a death benefit and no cash value prior to the death of the insured). Now, you haven't said who this other person is who has received a payment from the insurance company. If it is someone other than either the policy owner or the beneficiary, the only other scenario I can imagine is that someone filed a lawsuit claiming that there was some kind of fraud going on, and that he (or she) is the actual owner or beneficiary of the policy, and not you. If the judge agrees, then the insurance company must comply.
How to find if a policy is still or value?
My mother is up in age and in poor health, she has several life insurance policies. She wants to know if a beneficiary needs to be changed or can her will surfice?
If a life insurance policy loan is made and the insured person dies before it is repaid will the beneficiary receive cash value or death benefits?
Subject to the terms and conditions of the policy, the outstanding balance of the policy loan (plus accrued loan interest, the rate of which will be stated in the policy) will be deducted from the death benefit. The balance of the death benefit will be paid to the beneficiary.
