Not usually, though I can't say that it is impossible. Life insurance is not regulated like car and home so one particular company could promise you that.
Generally the cash value is if the insured cashes in the policy and the face amount is paid to the beneficiary when the insured dies.
I was a life insurance agent for 15 years.
The answer is yes to both of your questions.
In the event of eventuality of the policy holder, the beneficiary is the nominee to get the death benefit amount. When the nominee is a minor, the appointee will act on behalf of the nominee till he/she attains adulthood to be eligible to get benefit amount. When both the policy holder and nominee die, the life insurance company will pay to the legal heir, duly certified by the Honorable Court.
You will receive the death benefit unless your brother has changed the beneficiary. Regardless of marriage, divorce, life changes, etc; unless the insured contacts their insurance company and changes their beneficiary, the money will go to the specified beneficiary; FYI- your brother would not be required to notify you as current (or ex) beneficiary if he changed the policy. Also, many life insurance policies have a primary and a successor beneficiary; the successor is the person who would receive the benefit if something were to happen to both the insured and the primary beneficiary.
You may be the beneficiary of the will and there may not be any insurance. If you were named on an insurance policy, the insurance company will find you. They have your name and probably your address, both of which are required to name you as the beneficiary. Also contact the executor of the will, as they may have records on the policies involved.
A life insurance trust is a form of trust which is both the owner and the beneficiary of one or more life insurance policies. It an irrevocable and non-amendable trust.
A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?
Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.
This actually isn't the name of a company. Second-to-die insurance is a type of life insurance. You insure two people, then the insurance pays out after both die to a third beneficiary, a child, for example.
Questions that must be considered: (1) Who died first, your father, or your brother? If they both died simultaneously then your brothers's insurance policy wouuld go to your father's estate UNLESS a secondary beneficiary had been named. (2) Who are the named beneficiaries on your brother's insurance policy? It actually makes no difference what their marriage status was, it is the NAMING of a beneficiary that counts, NOT their family status. If no other beneficiary of the policy was named you may have to hope that your father's will included you.
There's no fundamental reason you can't designate any legal person you want as the beneficiary of your policy. ("Legal person" does not mean that the person is legal, but is meant to include both real people and corporations.)
I think that you're refering to an "irrevocable" beneficiary. This means that the beneficiary designation can only be changed if both the policy holder (owner) AND the current beneficiary sign off on it.
Yes, but just to be sure you understand, joint life insurance means that BOTH you and your wife have to die, then the insurance pays out to a third party, so if you want the other spouse to be the beneficiary, you need to buy two normal policies.
I assume that you are referring to the unfortunate circumstance of the dealth of a child. An insurance policy, including a life policy, is a contract between the insured and the insurer. The insurer promises to pay a sum of money to or on behalf of the insured or his/her designee (the beneficiary) upon a determinable event (sometimes called a "contingency"). With a life policy, that event is the death of the named insured for a reason that is not excluded from coverage. The insurance policy will designate a beneficiary to whom the proceeds are payable. Therefore, absent other facts that you have not stated, the insurer will pay proceeds only to the named beneficiary.
A life insurance trust is an irrevocable, non-amendable trust which is both the owner and beneficiary of one or more life insurance policies. Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for one or more beneficiaries. (Moved from discussion comments below)
form_title=Life Insurance Policy form_header=Protect your loved ones with a lifetime of financial security. Find a life insurance policy customized to fit your needs. What type of life insurance policy do you want to buy?= () Term Life Insurance () Permanent Life Insurance () Both () Not Sure How large of a life insurance policy do you want to buy?=_ Who will it cover?=_ Who would you list as beneficiary?=_
Cash value insurance can be "whole life insurance" or "universal life insurance". There are few differences on how the funds are invested and if dividends can be paid that would increase the cash value, but both types of permanent life insurance can accumulate cash value. There is also a type of term insurance that has a "return of premium" feature that will return all premiums back at the end of the term. This type of term life policy is not actually accumulating cash value because you only get back the premiums you paid.
Life insurance is often purchased on the advice of an attorney when writing your will and planning your estate. When you purchase a life insurance policy, you need to name someone as the beneficiary of the policy in the event of your death. The beneficiary of a life insurance policy is the person who receives the insurance money after the death of the insured person. Anyone can be named as the primary beneficiary of your life insurance policy. In most cases, the person you choose will be your spouse. If you live in a community property state, laws in those states require you to name your spouse as beneficiary unless he or she has given you written permission to name someone else. You can also name a contingent beneficiary that would receive the proceeds of your life insurance if your primary beneficiary is deceased. You can also name two or more people as your primary beneficiaries. For example, if you have no spouse or children, you may choose two siblings to share the proceeds of the policy. In this case, specify the percentage of the proceeds that each sibling gets, i.e. fifty percent each, instead of an exact dollar figure. If you have minor children, your main reason for purchasing a life insurance policy may be to provide for their care until they reach adulthood. You and your spouse need to name a guardian for your children in your will, especially in the event that you both die at the same time. The beneficiary of your life insurance policy in this case could be the named guardian or a trust fund set up to hold the policy benefits. If you are a single parent, these decisions are critical to your children's future. You should avoid naming your estate as beneficiary since all assets in your estate must be distributed to the appropriate heirs by a probate court. Probate court proceedings can significantly delay payment of benefits to your loved ones. If a specific person has been named as the beneficiary, the proceeds are paid directly to that person and are not subject to the probate court. After you are satisfied with your beneficiary designation, you should periodically review your estate plan and will. You can easily revise the beneficiary to your life insurance policy when changes occur in your life.
There is no requirement, but your mortgage company may require a certain amount of coverage that both policies will have to match.
If both husband and wife are covered in health insurance policy, then they are entitled to a family discount the quantum of which vary from company to company and is deducted from the total premia amount.
No, that person would be charged with both fraud and forgery and be sent to jail. The only legal way someone other that the beneficiary can sign for a payment is if the benificiary is declared incompetant and a court assigns the signing authority to that person or the beneficiary voluntarily signs legal documentation giving someone else that right
Yes, in the UK. Yes, in the U.S. you can be an executor as well as a beneficiary. What you cannot be in both cases is a witness to the Will and a beneficiary.
If the divorce decree states that life insurance must be held naming the ex spouse as beneficiary (and any other conditions), then the ruling lasts until another court ruling. You are out of luck if you didn't get it added to the divorce decree in the first place. However, if you are parents of young children, it would serve you both well to hold a life insurance policy naming the other as beneficiary.
"Most engagement rings represent a substantial value and would be devastating to lose, both financially and emotionally. Insurance helps protect the financial value if the rings would be lost or stolen."