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Is it common for an employer to take out life insurance policies on its employees with the employer as the beneficiary?
LadyVendetta
Yes very common. Certain employees are critical to day to day operations, aka: money coming in the door! These are refered to as "key employees". They are usually not easily replaceable, and are a big contribution to the company. The company would take a monitary loss if they where not around, so they insure them incase anything happens.
Advice: If your company is taking out a policy on you with the company as the benefecieary, this means you are important in their eyes and are a key component of the company! It means that if you havent received a raise in a while you should def hit them up for one. You most likely have a lot more leverage than you realize and what they are probably leading you to believe!
Wiki User
∙ 12y ago
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What if the beneficiary of a life insurance is deceased?
When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.
Does a couple have to be legally married to be a beneficiary for each others life insurance beneficiary for their policies?
No. You can name who you choose as your beneficiary.
What are the odds of the same woman being the beneficiary to three separate life insurance policies?
Actually the odds could be 100% if the woman's husband owned three different life insurance policies naming her as the primary beneficiary for each of the policies. Or, perhaps her parents each owned life insurance policies, as well, and named her as the primary beneficiary.
Does Xerox buy life insurance policies on its employees with Xerox as the beneficiary?
It could with something called Key Man Insurance but not without the Key Man (or woman) signing the application in consent. It does that for it top managers, like CEO and President, but not for most of its employees.
Can a California employer have two different policies for contributing to employee health insurance premiums - one for employees who join the company plan and one for those who have other insurance?
Makes sense to me. Why not?
Is it legal to have two insurance policies for the same beneficiary under a different contract?
Yea, if you have two different contracts and the beneficiary is the same, you can have two different policies which is legal.But against same contract, you cannot take two policies when the beneficiary is the same which is illegal.
If you drop your insurance at work can your wife still keep it?
If you are referring to group term life insurance the answer is no. The policy is a group policy and the policyholder is the company and the employee only and a spouse has no right to the policy. Sometimes there are individual life insurance policies sold to employees on a payroll deduction basis and they are group billed to the employer. These policies are able to be taken by the employee if they change employer and they can just change the payment type so that they pay the policies themselves.
Do you claim the money from life insurance policies from your parents death?
If you are the named beneficiary of their life policies you do. You can call and ask the insurance companies who the beneficiary is and they will tell you that much. I presume your question had to do with claiming the death proceeds as income. If so, the answer is NO! Life insurance proceeds are received income tax free.
If I'm the beneficiary of life insurance policies of my brother and who named me as beneficiary prior to his marriage and during his marriage do I still have legal rights to this life insurance?
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.
What has the author David McCahan written?
David McCahan has written: 'The beneficiary in life insurance' -- subject(s): Insurance, Life, Policies, Life Insurance
What happens if you find additional insurance policies where beneficary listed is absolutely excluded in trust?
In order to find a trust with life insurance proceeds the trust must be named as the beneficiary of the insurance policy. Then the trust documents specify what the funds are used for that are in the trust. If there are other life insurance policies that are still active and have other individuals named as the beneficiaries then the money from those policies cannot be placed into the trust and will be paid directly to the current beneficiary listed with the insurance company. The trust will have no claim whatsoever on these policies. It could be that these policies had their beneficiary changed when the trust was set up and the trust is the current beneficiary of them as well and he just didn't put the change form in the policy. Whatever is on record with the insurance company will be the person that the benefits are paid to no matter what.
Where can you get long-term care insurance?
There are very few companys issuing policies for long term care anymore. Most companies are only issuing Group policies to companys who offer it to their employees. If you are employed, I would first check with your employer.
