BACK TO LIFE INSURANCE LAW Tax Consequences for Life Insurance
Life insurance proceeds may be subject to estate tax; policies can be transferred to others.
→ Read MoreBeneficiaries
Get Legal Help Today
Secured with SHA-256 Encryption
Irrevocable Beneficiaries Have a Vested Interest in Life Insurance Benefits
An irrevocable beneficiary of a life insurance policy has a vested interested in the proceeds payable by the policy. A vested interest provides an irrevocable beneficiary with immediate rights – that means the policy holder cannot take certain actions without the permission of the irrevocable beneficiary.
→ Read MoreCan an Ex-Spouse Collect Life Insurance Benefits?
Generally, life insurance benefits are paid to the named beneficiary, regardless of his or her status as a spouse. In places other than Michigan, divorce usually has no effect on this designation of beneficiary.
→ Read MoreWhat Happens When There is no Life Insurance Beneficiary
It’s the responsibility of the insured to name beneficiaries, and company will pay estate if none are named.
→ Read MoreCollecting Life Insurance Benefits Several Years
Find out how to collect on life insurance after many years and factors that determine right to benefits.
→ Read MoreLimiting the Use of Life Insurance Benefits
Limiting life insurance benefits to be used for a specific purpose is difficult. Setting up a trust can accomplish the goal of specifying how life insurance benefits are spent.
→ Read MoreDoes Divorce Effect Life Insurance Beneficiaries?
An ex-spouse can be removed as beneficiary after a divorce by action of state law or language of decree or agreement.
→ Read MoreToday's legal News
