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A life insurance beneficiary is the person who receives the life insurance payout from your policy when you die. The beneficiary or beneficiaries can typically use this money in any way they see fit.
Life insurance policies work by providing a death benefit to the named beneficiary when the insured passes away. The policy owner, who is often the insured, chooses who the primary beneficiary or ...
Factor. Details. Risk classifications. Insurers assign you a rating (Preferred, Standard, Substandard) based on your health, age and lifestyle. Better health and habits typically mean lower premiums.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for one or more beneficiaries. If the trust owns insurance on the life of a married person, the non-insured spouse and children are often beneficiaries of the insurance trust. If the trust owns "second to die" or survivorship insurance which only ...