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Marriage or divorce: You may want to add or remove a spouse or partner as a beneficiary after a marriage or divorce. Birth of a child: Welcoming a new child is a significant reason to update your ...
An irrevocable beneficiary has a guaranteed right to receive the death benefit from your life insurance policy, and their consent is required for any changes that affect their rights.
A life insurance policy is designed to provide financial support for individuals or organizations of your choosing after your death. A life insurance beneficiary is the person who receives the ...
In 1997, Mark Sveen and Kaye Melin got married and the next year, Sveen purchased a life insurance policy. Melin was named as the primary beneficiary on this policy, and two of his children from a prior marriage were named as contingent beneficiaries. Sveen and Melin divorced in 2007 but the family court made no mention of the insurance policy.
The life insurance policy & pension were governed by the Employee Retirement Income Security Act of 1974 (ERISA), a piece of federal legislation concerning pension and life insurance programs. David Egelhoff subsequently divorced his wife, but did not immediately remove her as a beneficiary.
Years ago, Valerie Jundt's brother told her that his employer, Amoco, was offering him a life insurance policy at a reduced premium. Just 25 and single, and with nary a thought he wouldn't outlive ...
Businesses may not be the beneficiary of a group life insurance policy or a retirement plan. Contingent beneficiary: If the primary beneficiary predeceases the contract owner, the contingent beneficiary becomes the designated beneficiary. If a contingent beneficiary is not named, the default provision in the contract or custodian-agreement applies.
Estate planning is crucial to leaving your beneficiaries with your possessions as you intend. However, life insurance beneficiaries can conflict with the terms in your will if you aren't thorough.