answersLogoWhite
Insurance
Life Insurance

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?


Top Answer
User Avatar
Wiki User
2015-07-15 18:42:20
2015-07-15 18:42:20

The answer is yes to both of your questions.

Related Questions

User Avatar

Pays out to beneficiary-just the value of coverage not cash value if sold.

User Avatar

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

User Avatar

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.

User Avatar

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.

User Avatar

The face value of the insurance policy is payable to the beneficiary upon the death of the insured.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.