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What is a 2nd beneficiary of life insurance and retirement plans?
Wiki User
∙ 16y ago
A secondary beneficiary is a person who would receive the benefits of a life insurance policy or retirement plan in the event that the insured person dies and the primary beneficiary has also passed away. Then, the secondary beneficiary would receive the benefits.
Wiki User
∙ 16y ago
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Is life insurance taxable?
Life insurance proceeds paid to a beneficiary is not taxable. However, if the life insurance beneficiary is a trust or estate, there may be some tax implications.
Is life insurance consideredpart of the estate?
If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.
If you are beneficiary of life insurance policy is the administrator of the estate supposed to get your money?
Life insurance with a beneficiary is completely separate from the "estate". If you receive life insurance, it's your. The estate includes bank accounts, homes, cars, etc. not the life insurance
What is a life insurance?
Life insurance is where you pay premiums periodically for a set number of years and then when you pass away the value of your life insurance policy is awarded to the beneficiary you choose (usually a spouse or your children) to pay for your outstanding debts, funeral, tuition, retirement, etc. so they don't have to pay for those expenses out-of-pocket.
Am i the beneficiary of my husband's life insurance?
If he put you in as the beneficiary, then Yes. Look at the policy and find where it says beneficiary to make sure.
What does beneficiary mean for health insurance?
Some health insurance plans offer a AD&D Life Insurance Policy. That is why you would name a beneficiary for a health insurance company.
Does Horace Mann offer travel insurance?
Yes, they offer auto insurance, home and property insurance, life insurance, and retirement insurance plans.
Can you have a secondary beneficiary on your life insurance?
Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.
Are retirement benefits the same as life ins on an estate?
Retirement Benefits after Death?NO. Retirement benefits cease once a person dies and therefore would not be part of an estate. When a person Dies, they are no longer considered "Retired", They are after death considered "Expired".Life insurance also is not part of an estate unless there is no named beneficiary. The proceeds of a life insurance policy belong to the beneficiary named on the policy, Not to the deceased nor to the deceased estate.
Do you have to have a beneficiary on your health insurance?
In general, no. You only need a beneficiary for life insurance.
Who can legally change the beneficiary on a life insurance policy?
The Insured can change the beneficiary on a life insurance contract.
If a father designates his daughter as beneficiary then marries who gets the fathers retirement and life insurance if he passes away?
The life insurance would be the daughter's. The retirement could be affected by state laws regarding the funds and might be able to be designated to a spouse. The father should definitely update his paperwork to reflect the new marriage, even if he leaves the daughter as the beneficiary.
Does a beneficiary on a life insurance prevail over a will request?
Yes! The beneficiary on a life insurance policy does not have to be included in a will in order to receive the life insurance benefits.
Who receives life insurance the beneficiary or absolute assignee?
beneficiary
Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
If a minor child makes a claim on a life insurance policy and another inidividual is the designated beneficiary what consideration is given to the claim by the insurance company?
The proceeds go to the beneficiary. That's why it's important to make the proper plans and trusts.
Who is the beneficiary for your life insurance?
The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.
