Life insurance beneficiary

Naming life insurance beneficiaries: 10 ways to screw up, Nasdaq

N aming who should get the life insurance money after you die sounds simple, but designating beneficiaries can get tricky. Mistakes are common, financial advisers say -- and they can be heartbreaking and expensive. When mistakes are made "you're not creating problems for you," says Keith Friedman, principal of FBO Strategies, an estate planning and insurance firm in Stamford, Conn. "You're creating problems for the people you leave behind." Here are 10 life insurance beneficiary mistakes to avoid. 1. Naming a minor child Life insurance companies won't pay the proceeds directly to minors. If you haven't created a trust or made any legal arrangements for someone to manage the money, the court...

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Common Life Insurance Beneficiary Disputes - Bryant Legal Group PC

Common Life Insurance Beneficiary Disputes In the context of life insurance, it’s not at all that uncommon for the beneficiaries to be in conflict with one another — after all, the benefits amounts may be significant, and there may be inconsistencies in the distribution of benefits that were not known to the beneficiary prior to the death of their loved one. For example, the spouse of the deceased may be surprised to find that the first wife of the deceased was actually the beneficiary at time-of-death, and therefore has a legitimate entitlement to the benefits at-issue. This can quite clearly give rise to a dispute. If you’re involved in a life insurance beneficiary dispute in Illinois...

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Expect the unexpected: Name a contingent beneficiary on your life insurance policy - The Cincinnati Insurance Companies blog

Life has a way of changing even the best-laid plans. Life doesn’t always go as planned. When you married, you did the responsible thing and purchased life insurance policies for both you and your spouse. Each of you named the other as beneficiary, ensuring that no matter who passed away first, the survivor would be taken care of. At least, that was the plan. But life has a way of changing even the best-laid plans. Your family expands to include three more. Then, your spouse becomes ill and passes away. You file a life insurance claim and receive the policy’s death benefit. You do your best to carry on as a widow or widower and single parent of three children. You continue to pay the...

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Life Insurance Beneficiary, Atlanta Insurance Administrators

By Insurance Specialists, Inc. At Insurance Specialists Inc., when you sign up for a life insurance policy, the most important decision you’ll have to make (beyond what policy you’re purchasing) is who you will name as your beneficiary. When you pass away, a life insurance policy pays out the value of the policy to an individual you indicate, known as the beneficiary, and you’ll want to make sure you name the right person. After all, you buy life insurance to protect your loved ones financially, so you’ll want to ensure they receive this financial backing. Who Should You Name? Your beneficiary can be anyone who you love, trust, and want to take care of should you...

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The Benefits of Beneficiaries

Providing for your loved ones’ security and comfort is why you buy a life insurance policy. But did you know things could be seriously compromised if you don’t name the right beneficiaries? Your beneficiary is the person or entity you name in your life policy to receive funds in the event of your passing. Your beneficiary can be a person, business, trust, charity or even your church. And, you can have more than one. Why beneficiaries? Erie Family Life forms require that you name a beneficiary. And that’s a good thing considering the fact that it spares your loved ones from having to go through a probate court to receive any funds from the policy. Probate court is a major...

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When Life Insurance Proceeds Go To The Wrong Person Connecticut Estate Planning Attorneys Blog

It happens more often than you might imagine. After losing a loved one, family members discover that the deceased’s life insurance policy is about to be paid out to an unexpected beneficiary. Such news can come as a nasty shock, and—unfortunately—it can herald an uphill battle to get the situation resolved. Given that a life insurance or annuity is a direct contact between the insured (the deceased) and the company providing the insurance/annuity, the claims are settled independently from any Will or Trust that the deceased may have had in place. In other words, the policy passed directly to the beneficiaries without having to go through probate. This means that if there is a challenge to...

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Never forget to change your beneficiaries — 3 horror stories on how it can all go wrong - MarketWatch

Regardless of your income or net worth, there’s one estate planning move you should probably make right now: check the beneficiary designations. With today’s relatively generous $11.18 million federal estate tax exemption, estate planning is only a concern for the rich. Right? Wrong! In fact, regardless of your income or net worth, there’s one estate planning move you should probably make right now: check the beneficiary designations for your life insurance policies, bank accounts, brokerage firm accounts, retirement accounts, and so forth. If you’ve not yet turned in the proper forms to designate beneficiaries, do it now. If your forms are out of date, refresh them. The consequences of...

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Nominate beneficiaries for your basic and optional life insurance plans - Government of Nova Scotia

A set of beneficiaries applies to both basic and optional life insurance. Nominated beneficiaries can be individuals, institutions, trusts or charities. Beneficiaries cannot be financial institutions for the purposes of repaying a loan. Contingent beneficiaries receive the proceeds of the insurance payout if the main beneficiaries are deceased at the time of the claim. If you want to nominate a minor child as a beneficiary or contingent beneficiary, consider nominating a trustee to care for the funds on behalf of the minor child. If you haven’t completed the form or if all your nominated and contingent beneficiaries are deceased at the time of the claim, proceeds become payable to your...

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Claiming Life Insurance Proceeds After Death, AllLaw

Life insurance is a contract between the insurance company and the person who buys the policy. Because insurance proceeds aren’t an asset the policyholder owns before his or her death, the proceeds don’t need to go through probate. In fact, life insurance can be a quick and welcome source of cash for surviving family members, who can usually claim the proceeds soon after death, with a minimum of paperwork. If you're an executor, you may be called on to help beneficiaries who aren’t sure where to start. Has the Policy Expired? There are several different kinds of life insurance policies, some of which expire and some of which don’t. (Of course, regardless of the kind...

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What is a Life Insurance Beneficiary?

Life Insurance Center What Is A Life Insurance Beneficiary? Article 2 of 7 in What to Know About Life Insurance Beneficiaries The life insurance beneficiary is the person or persons who will receive the money from your policy should you die, and will be responsible for carrying out any plans you had for the policy. Who you name the life insurance policy beneficiary depends on whom you can trust and how you want the payout of your plan to be managed. As you choose your life insurance beneficiary, consider some of the following points: Life Insurance Beneficiary Designation You can have one or several beneficiaries on a life insurance policy designated in a variety of ways: Revocable...

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