Life insurance beneficiary

Should your spouse be your life insurance beneficiary?

Should your spouse be your life insurance beneficiary? Should your spouse be your life insurance beneficiary? A spouse may not be the best beneficiary for your life insurance policy In most instances, the likely primary beneficiary of a life insurance policy is a spouse. But does this make sense given the special tax treatment life insurance receives in estates? The special treatment is that life insurance proceeds are not taxable to heirs even if the heir is the estate. The tax we are talking about is the PA inheritance tax at 4.5% to lineal descendants such as children or parents, 12% to siblings, and 15% to others (excluding charities). Because of this special tax treatment, some...

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A guide to naming life insurance beneficiaries

Being a beneficiary is historically something of a doubled edged sword. On the one hand you’re in line to receive a cash windfall sometime in the future; which is obviously something to look forward to. Yet on the other hand, it’s normally resultant on someone very close to you passing away. While not nearly as upsetting as the aforementioned end game being played out, it’s often complicated deliberating over and ultimately working out just who you wish the beneficiaries of your estate to be. Want peace of mind that your assets will go to the right people when you pass away? Get a FREE basic will today. Admittedly, for many it’s a simple choice – their partner and/or offspring. But what if...

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Changing the Beneficiary on Your Life Insurance Policy

Naming a beneficiary is a crucial part of the life insurance process. If you fail to name a beneficiary and you die, the life insurance policy typically becomes part of your estate and is subject to probate. There are several factors to take into account. Here are must-know tips for naming a beneficiary: 1. Details count -- you should spell out the names of all of your beneficiaries and provide your agent with their Social Security numbers to facilitate benefit payouts should you die. You should also designate how you want the money distributed if there is more than one beneficiary. 2. Consider naming primary, secondary and final beneficiaries. That way, if your primary beneficiary dies...

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Is Spouse Always Life Insurance Beneficiary?,

Does wife always get hubby’s life insurance? My husband has always had his sister as the beneficiary on his life insurance (and many other things). I told him that this offends me because I am his wife and we have been together for over 20 years. He has been on all of my policies. He insists that the wife always receives benefits first and that his sister would receive money from the policy only if I were deceased. I believe this is wrong for many reasons and that it violates basic logic. What do you think? If we were playing Monopoly, you win! Pass “Go” and collect $200! Your husband, on the other hand, needs to go directly to “Jail” (the Monopoly version, of course). A life insurance...

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All About Beneficiaries

If you do not name a beneficiary for your life insurance, is your death benefit paid out to your estate? When you die, if you have not named a beneficiary your life insurance policy will pay your estate a payment called the death benefit. However you can name a beneficiary to receive your death benefit payment. % got this right by answering "Yes" % got this wrong by answering "No" % got this wrong by answering "I don't know" What is a beneficiary? When you purchase a life insurance policy you can name a beneficiary. A beneficiary is a person or persons who will receive the death benefit from your life insurance policy when you die. If you die without naming anyone, the money will go to your...

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Beneficiary nominations on life insurance - COVER Publications

Beneficiary nominations on life insurance By: Naseega Botha, FISA member, Fiduciary Practitioner of SA (FPSA®), and Head of Fiduciary & Legal Services at Genesis Advisory Services (Pty) Ltd Beneficiary nominations on life insurance – how they can affect executor’s fees and estate duty Many of us have life insurance policies that we have taken out for the financial protection of our loved ones in the event that we pass on or to settle debts that we may have. This article intends to highlight the importance of proper consideration when nominating a beneficiary for your life insurance policy. Before deciding on whom to nominate as beneficiary of your life insurance policy, executor’s...

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Top tips for choosing the right life insurance beneficiary, Insurance Chat

Choosing a life insurance beneficiary is a serious undertaking. It might seem like one of those areas where you choose a family member, but this might not be the best decision. Your beneficiary will be receiving the proceeds of your policy upon your death, which means that they need to be responsible and trustworthy. If you have an affordable life insurance in South Africa , you will need to carefully consider who your beneficiary will be. For those who are not sure how to start making this decision, below is some handy advice to follow to make the process easier and the end result beneficial for everyone. Keep the purpose of the policy in mind The reasons why you chose to take out life...

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What happens to a life insurance policy when the beneficiary is deceased?

What happens to the benefits for a life insurance policy when the beneficiary is deceased? When a policyholder passes away, his or her life insurance benefit is supposed to go to a predetermined beneficiary, often a spouse, family member, or close friend. But what happens when the beneficiary is also deceased, the designation is no longer valid, or if he or she dies while the claim is under review? Often, this situation can arise when the policyholder designates his or her spouse as primary beneficiary but divorces years later; in some states, the ex-spouse will be “automatically revoked” from the policy, after which the policyholder might fail to designate a new primary beneficiary in...

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Life Insurance Beneficiaries: How to Protect Your Loved Ones, Bestow

Life insurance is probably at the top of the list of uncomfortable topics to think about. So talking about it with your loved ones? That is a conversation most people want to avoid. Life insurance and beneficiaries go hand in hand. If you’re like most Americans, you probably don’t start thinking about life insurance until you start a family. After all, you want to take care of them should something happen to you. Naming your loved ones as beneficiaries is as easy as that, right? Well, sometimes… Here’s what you need to know about designating a life insurance beneficiary. What is a Beneficiary? Simply put, a beneficiary is the named person (or entity) who will receive the life...

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Designating a Beneficiary for Life Insurance - Skoda Minotti Blog

A beneficiary is the person or entity you name (i.e., designate) to receive the death benefits of a life insurance policy. Some states require that your beneficiary have an insurable interest in your life or be related to you (at least at the time the contract is initiated), while others have no such restriction. If you do not want to name an individual or entity as your beneficiary, you can name your own estate. The proceeds will then be distributed with your other assets according to your will. You should note, however, that naming your estate as beneficiary may have disadvantages. For example, in many states, life insurance proceeds are exempt from the claims of your creditors when there...

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