Also, this type of annuity allows the beneficiary of the investor to receive a death benefit that is guaranteed to be equal to the amount of premiums that the investor paid, up until the time of death.
The person insured is the one whose life the policy covers, while the beneficiary or beneficiaries are the people who receive income when the insured person dies from causes covered under the policy.
The Random House Unabridged Dictionary defines, it as "insurance providing for payment of a sum of money to a named beneficiary upon the death of the policyholder or to the policyholder if still living after reaching a specified age."
The original terms of the universal life insurance policy determine whether the beneficiary of the policy receives a predetermined lump sum or instead receives the lump sum in addition to the cash value of the investment account.
If the insured person dies during the time when the insurance policy is in effect, the insurance company pays the amount of the death benefit to the beneficiary of the policy.
In other words, just because an off-base provider accepts Tricare, it does not mean that the beneficiary should not first get permission to visit the non-military provider.
Most people choose children, spouses, family members, or most trusted friends to be a life insurance beneficiary, someone who will be able to distribute everything that you own properly.
If you're a Tricare medical insurance policy holder or an authorized beneficiary of a policy holder, you can use this site to find out just about everything you might want or need to know about your coverage.
Refund annuities provide yet another alternative and allow the investor's beneficiary to receive all or a portion of the amount that the investor placed into the annuity prior to death.
The state university is under the control of the board of regents, and is maintained by the state and is the beneficiary of 86,000 acres of land grants from the Federal government.