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BENEFICIARY TYPE |
SAMPLE WORDING |
One beneficiary |
Jane Smith, Spouse |
Two beneficiaries |
John Doe, brother and Mary Doe, sister, equally or to the
survivor |
Three or more beneficiaries |
John Doe, father, Mary Doe, mother and Jane Doe, sister,
equally or to the survivors or survivor |
Per capita1 |
To all children of this marriage and to the survivors of a
deceased child, per
capita |
Per stirpes2 |
To all children of this marriage and to the survivors of a
deceased child, per stirpes |
Unnamed children bom of
the Insured |
Lawful children of the insured, equally or to the survivors
or survivor |
Unnamed children born of a particular marriage |
Children bom of the marriage of the insured and Mary Doe,
wife, equally or to the survivors or survivor |
Unnamed children,
including legally adopted
children |
Children born of the marriage of, or legally adopted by the
insured and Mary Doe, wife, equally or to the survivors or
survivor |
Joint tenants with rights of
survivorship3 |
John Doe and Jane Smith as joint tenants with right of
survivorship |
Irrevocable beneficiary4 |
John Doe, Irrevocable Beneficiary |
Accidental death benefit to someone other than named
beneficiary |
Proceeds of the Accidental Death Benefit, if any, shall be
paid to John Doe, son, if living; otherwise Mary Smith and
Nancy White, sisters of the insured, equally or to the
survivor. Any balance of the proceeds of the policy shall be
paid to John Jones, partner of the insured |
AKAs (also known as) |
Veterans of Foreign Wars, a.k.a. VFW |
Bank loans |
First Savings Bank, as its interests may appear under loan
#9999999, dated 01/01/00, with balance, if any, to Jane Doe |
Buy-Sell agreement |
Trustee of the Buy-Sell Agreement between John Jones and
Jane Smith under the agreement dated 01/01/00 |
Common disaster clause6 |
Jane Doe, wife, if she survives the insured for a period of
__days; otherwise, children born of the marriage of the
insured and said wife, or the survivors equally, or the
survivor |
Individual creditor |
John Doe, creditor, under a line of credit (or revolving
loan), balance, if any, to Jane Smith |
Estate of the insured |
Estate of the insured |
Split dollar beneficiary7 |
The greater of the sum of the premiums paid or the cash
accumulation account to ABC Corporation; balance to Jane
Doe, wife of the insured |
Uniform Gifts/Transfers to
Minors (UGMA/UTMA)8 |
John Doe as Custodian for Jane Doe, minor, under the (state)
Uniform Gift to Minors Act -or- John Doe as Custodian for
Jane Doe, minor under the (state) Uniform Transfers to
Minors Act
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Trusts' |
Trustee of the John Doe Trust Agreement dated 01/01 /OO
-or- Trustee of the John Doe Irrevocable Trust under Trust
Agreement dated 01/01/00 -or- John Doe for the benefit of
Jane Doe and John Doe (informal trust arrangement)
-or-Trustee of the John Doe Living Trust under Trust
Agreement dated
01/01/00 |
1 if one of the children dies but has children of his own, that
person's share would be divided among his
children
2 if one of the children dies but has children of his own, that
person's share would be divided among his
children
3 on the death of one joint tenant, the tenant's share of the
property goes automatically to the survivors or survivor
4 the beneficiary's interest in the policy cannot be changed or
reduced without his or her consent
5 at death, the bank will receive payment for the outstanding
balance, with the rest going to the named
beneficiary
6 applies when two people die under conditions where it is
Impossible to determine which one died first. This clause can be
for any number of days under six months. Most companies will try
to discourage longer periods
7 always according to the actual split
8 under either of these options there may be restrictions as to
who can be named owner or beneficiary
9 the trust should be signed prior to the date on the
application and the policy issue date in order to avoid
inclusion of the proceeds in the estate of the insured. Consult
the issuing company for specific handling directions
TermLifeAmerica.com-
Lewis Fink is licensed as an insurance agent offering Life
Insurance in the following states:
Alabama - AL,
Arkansas - AR,
California - CA,
Colorado - CO,
Connecticut - CT,
Delaware - DE, District of Columbia - DC,
Florida - FL,
Georgia - GA,
Idaho - ID,
Illinois - IL,
Indiana - IN,
Iowa - IA,
Kansas - KS,
Kentucky - KY,
Louisiana - LA,
Maine - ME,
Maryland - MD,
Massachusetts - MA,
Michigan - MI,
Mississippi - MS,
Missouri - MO,
Montana - MT,
Nebraska - NE,
New Mexico - NM,
New Jersey - NJ,
New York - NY,
North Carolina - NC,
North Dakota - ND,
Ohio - OH,
Oklahoma - OK,
Pennsylvania - PA,
Rhode Island - RI,
South Carolina - SC,
South Dakota - SD,
Tennessee - TN,
Texas - TX,
Utah - UT,
Vermont - VT,
Virginia - VA, and
Wisconsin - WI.
Not all insurance products from all insurance companies are available in
all states.
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