Hi guys I'm new and i have a lot a question about met life hope somebody could help me please
First i just want to ask a question about met life if one premium insurance got 2 beneficiaries but the other one is already died does that means the whole insurance will goes to the alive beneficiary
And other one does met life give a lump sum payment
hi guys I'm new and i have a lot a question about met life hope somebody could help me please
First i just want to ask a question about met life if one premium insurance got 2 beneficiary's but the other one is already died does that means the whole insurance will goes to the alive beneficiary
And other one does met life give a lump sum payment
Thanks you so much in advance & God Bless
I would assume that if the beneficiary is dead that the portion of the death benefit would go to the deceased beneficiaries estate hence heirs but I don't know for sure.
Xrac thank you very much for replying but can i ask a big favor can you please explain [COLOR=Gray]estate hence heirs means[/COLOR]. I'm sorry if i don't understand cause I live overseas and i don't understand US laws much
Hi [COLOR=Black]s[/COLOR][COLOR=Black]tibroker[/COLOR] what does WL means
xrac thank you very much for replying but can i ask a big favor can you please explain [COLOR=gray]estate hence heirs means[/COLOR]. I'm sorry if i don't understand cause I live overseas and i don't understand US laws much
Hi [COLOR=black]s[/COLOR][COLOR=black]tibroker[/COLOR] what does WL means
thank you so much in advance
Estate is the sum total of the deceased possessions, goods, or assets. The heirs are those who have the legal right to receive the possessions, goods, or assets. For example in most cases in the US it will be the spouse and/or children. If the ceased doesn't have those it could be a sibling, aunt, uncle, or other.
One more question does insurance company or met life pay a lump sum
What does this mean what is the best option to choose i receive a check the total amount share should i receive but in the back of the paper where the check was attached it has a note says
Importance notice (If Policy Proceeds Equal $5,000 or More)
(Not applicable to proceeds under a tax qualified pension plan or payable in installment in accordance with policy terms or the policyowner's direction, not applicable to proceeds payable to collateral assignees, trustees, executors, administrators or corporate assignees. )
As the beneficiary, you may choose one or more of the following settlement options by leaving the proceeds with the company
Interest Payment Option:
Interest at a specified rate guaranteed for five years, if withdrawal(s) are made with in six months of electingthis option the effective rate of interest payable on the amount withdrawn will be reduced. If payments have already been made at the guaranteed interest rate, the principal will be reduced by an appropriate amount
Installment Payment option
Interest at a specified rate guaranteed for five years. you may recieve payments periodically until the proceeds are exhauted, or you may recieve the proceeds and interest over a specified number of years. Because the payment will include interest, the total can be much more than the proceeds represented by the attached check
Life insurance income payment option
You can use the proceeds to provide yourself with a guaranteed income for life. there are several life income option available
In choosing any of the above optiond, you may select the person(s) to recieve the balance upon your death and change that designation whenever you wish
.....As the beneficiary, you may choose one or more of the following settlement options by leaving the proceeds with the company
Interest Payment Option:
interest at a specified rate guaranteed for five years, if withdrawal(s) are made with in six months of electingthis option the effective rate of interest payable on the amount withdrawn will be reduced. If payments have already been made at the guaranteed interest rate, the principal will be reduced by an appropriate amount
These are all options you have instead of taking the money lump sum. On this option you allow the insurance company to keep the money and pay you interest.
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Originally Posted by kenzie
.....Installment Payment option
interest at a specified rate guaranteed for five years. you may recieve payments periodically until the proceeds are exhauted, or you may recieve the proceeds and interest over a specified number of years. Because the payment will include interest, the total can be much more than the proceeds represented by the attached check.....
With this option they pay out the money over a set period of time. These payments would be part principal and interest.
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Originally Posted by kenzie
.....Life insurance income payment option
you can use the proceeds to provide yourself with a guaranteed income for life. there are several life income option available.....
Under this option you are turning the death benefit into an income stream (i.e. annuity).
What kind of death benefit are you dealing with?
Last edited by xrac : 06-30-2009 at 09:51 PM.
Reason: Posts merged
Call a local MetLife office and review some of your concerns with them. If there is no office near you or in your country, you can speak to a registered rep with MetLife that will be familiar with the policy.
Thanks for the advice chump of oxford i really appreciate it
But since this is insurance forum and there's a lot of agent here I'm just hoping there's a met life agent or a person who is familiar with metlife
Cause I'm not that good in communicating in English verbally and i may ended up not explaining what i want to ask to the agent that i'll be calling and i can't understand what he/she saying and we will not be understand each other
that's why i post here and asking for help cause my English skills is poor in my situation I can understand English reading it rather than hearing it
first i just want to ask a question about met life if one premium insurance got 2 beneficiaries but the other one is already died does that means the whole insurance will goes to the alive beneficiary
This depends. Normally you have primary beneficiaries and secondary beneficiaries. It could go down further but usually not the case.
So the insured dies and all the money will be split among the primary beneficiaries. If there is only one alive it will all go to that person. If there were 2 it would be split usually 50/50 or however stated in the designation. If one of the 2 primary are not living the money usually will not go to their estate if they predeceased the insured. So only the remaining primary beneficiary will receive anything.
The only way the secondary beneficiaries will receive anything is is all the primaries have already died. Then again split among them equally or as designated.
So example. You're dad has a life insurance policy and has your mom as primary for 100% and then you and a brother as secondary for 50% each.
If mom is alive she gets 100% and you and your brother get nothing.
If mom died before dad, you and your brother each get 50%.
If your mom and your brother are dead you get 100% and your brothers family or estate get nothing.
Unless it was specifically written another way the above is the most typical way.
Also it's up to you to decide to take the payment in a lump sum or monthly or annual installments, unless it was specifically designated by the owner as to how it would be paid out. Usually the insurance company will give you a check book and the amount in it. You can write checks off it, or just write one check for the full amount and deposit it into your bank account.
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Originally Posted by xrac
I would assume that if the beneficiary is dead that the portion of the death benefit would go to the deceased beneficiaries estate hence heirs.
Not if the beneficiary predeceased the insured. Only the surviving beneficiary/beneficiaries would receive the death benefit. Unless specified in the designation stating another way. Anytime a beneficiary is dead it's just as though they were never listed on the policy.
I wasn't certain about this. After reading your post I have confirmed that you are correct although I have read conflicting answers on the internet.
In the event you have designated more than one beneficiary, the beneficiaries would be paid a death benefit equal to the amount you have indicated on this form. If no amount is indicated, the death benefit is divided equally among the beneficiaries. If one or more of the beneficiaries is deceased at the time of payment, the death benefit to which the deceased beneficiary(ies) was entitled to is distributed equally among the remaining beneficiary(ies). Examples: 1. A participant designated three primary beneficiaries, each to receive one-third of the life insurance benefit. At the time of payment, one of the beneficiaries is deceased. The remaining two beneficiaries would each receive one-half of the total death benefit. 2. A participant designated three primary beneficiaries. Beneficiary A was to receive 25%, Beneficiary B was to receive 25%, and Beneficiary C was to receive 50% of the benefit. At the time payment is made, Beneficiary A is deceased. Beneficiary B will receive 37.5%, and Beneficiary C will receive 62.5% of the total death benefit. Designating secondary beneficiaries is optional. Any secondary beneficiary (or beneficiaries) would receive a death benefit only if all primary beneficiaries
Please do yourself a favor and contact Metlife directly and ask them the questions.
There also may be other issues involved regarding citizenship that may effect payment. Was your mom a US citizen?
While the advice here is often very good. It is very basic and without all your detail to your situation, while well intended, could be very wrong. Please contact Metlife. You can email them.
I wasn't certain about this. After reading your post I have confirmed that you are correct although I have read conflicting answers on the internet.
In the event you have designated more than one beneficiary, the beneficiaries would be paid a death benefit equal to the amount you have indicated on this form. If no amount is indicated, the death benefit is divided equally among the beneficiaries. If one or more of the beneficiaries is deceased at the time of payment, the death benefit to which the deceased beneficiary(ies) was entitled to is distributed equally among the remaining beneficiary(ies). Examples: 1. A participant designated three primary beneficiaries, each to receive one-third of the life insurance benefit. At the time of payment, one of the beneficiaries is deceased. The remaining two beneficiaries would each receive one-half of the total death benefit. 2. A participant designated three primary beneficiaries. Beneficiary A was to receive 25%, Beneficiary B was to receive 25%, and Beneficiary C was to receive 50% of the benefit. At the time payment is made, Beneficiary A is deceased. Beneficiary B will receive 37.5%, and Beneficiary C will receive 62.5% of the total death benefit. Designating secondary beneficiaries is optional. Any secondary beneficiary (or beneficiaries) would receive a death benefit only if all primary beneficiaries
are deceased at the time payment is made.
The state of Virginia makes it even more complicated. In the case of divorce or separation they will treat the ex spouse as a non beneficiary unless you specifically write to keep the ex spouse as one. I know in many divorce cases the ex spouses still carry life insurance on each other, some even required by a court decree. For obvious reasons as child support and care for the child that would have to be replaced. I wonder how many times it's happened in Virginia when the say the ex husband dies and the child support stops and the ex wife thinks she's getting an insurance check, but instead it goes to the new wife even though it stated the ex. Then the new wife says screw the ex wife and kids and keeps the money. It's amazing how the government has to step in to be a nanny because they assume people aren't smart enough to change their beneficiary after a divorce or separation if they want to.
Lot of Metlife Insurance Questions
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