Get Nn1467e - Beneficiary Designations For Lifecheque Policies. Nn1467e

Beneficiary designations allow you to transfer assets directly to individuals, regardless of the terms of your will. Beneficiary designations are often made when a financial account, retirement account, or life insurance policy is established. But, these designations should be reviewed periodically.

A beneficiary designation describes to whom the associated account will be distributed at the account owner's death. A common example of a beneficiary designation is the beneficiary listing on a life insurance policy. Beneficiaries can include spouses, children, other family members, other people and charities.

Write the names of the first beneficiary(ies) you would like to receive your benefit after you die. You may name an individual(s), entity (such as a charity, business, religious organization, funeral home, etc.), trust, or estate. You may name more than one.

Write only one beneficiary on each line. Make sure that you write the full names of all beneficiaries. For example, if you name you children as beneficiaries, DO NOT merely write “children” on one of the lines; instead write the full names of each of your children on separate lines.

A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isn't specifically left to another beneficiary.

How to designate a child or dependent as a life insurance beneficiary Name their legal guardian as the beneficiary. Designate a custodian for the proceeds through the Uniform Transfers to Minors Act. This person is then named as the beneficiary. Create a trust for the child and make the trust beneficiary.

You should choose someone who would benefit the most from the money. Most people can't choose just one person as their life insurance beneficiary, so they select multiple people to divide the death benefit.

Beneficiary designations are used to identify the recipient(s) of your insurance benefits. A Member who is insured for Life Insurance with Standard Insurance Company (The Standard) may name whomever he/she wishes as beneficiary.