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How do I change the beneficiary on my prudential policy? I also need to change the name on the account

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  • The Master
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I think you would have to contact Prudential Insurance Company.

Posted on May 15, 2017

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Posted on Jan 02, 2017

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How do we find out about or terminating a life policy and getting the benefits


Contact the life insurance company which issued the policy and for which premiums have been paid and ask someone knowledgeable there about "cashing out" the policy.

Or, has the person for whom the life insurance policy was purchased passed away and you are a beneficiary? If so, you need to contact the life insurance company and report the passing away of the individual. To make a claim, you will need to provide the d3ath certificate for the person. (Have to spell "d3ath" like that or the Fixya.com algorithm considers it a "bad word" and blocks it out. Sigh.)

Best wishes.

Feb 15, 2018 | Miscellaneous

Tip

Let's make our IRAs (ac)count!


IRAs (Individual Retirement Account) can be very useful if well used. And very wasteful if not taken care of properly.
In order to make sure that your IRAs last longer, and benefit you and your family in the long run, make sure you take the right precautions.

Here are some useful tips:

1. Make sure to fill out the beneficiary designation form.
You may think that the will controls who will benefit from your IRA. Well, it doesn't. While this form does, and it must be filed with your bank.

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The beneficiaries can include your spouse or partner, family members, charity or a trust to benefit family.

2. Be aware that whoever inherits your IRA, if it's not your spouse, will have to withdraw a minimum amount each year.
If it is your spouse who inherits, usually there will be less strict rules.

3. A good way to extend the life of an IRA is by stretching out its withdrawals. Both the owner of the account or the beneficiary can try to withdraw no more than the required minimum distributions from a regular or inherited IRA and this way let the money grow tax-deferred or, in case of Roth IRA, tax-free.

4. The younger the beneficiary is, the less he or she is obligated to take out each year. This way the stretch previously mentioned would last longer.

5. Be careful what a non-spouse does with your IRA.
A non-spousal heir cannot roll your money into his or her IRA. Therefore your IRA should be left intact and designed as Inherited IRA.
On the other hand, a spouse can choose if he or she wants to keep the IRA as "inherited" or roll it into his or her own IRA. The second option is usually better if the spouse is over the age of 59 and a half.

6. Don't name your estate as beneficiary.
This action, as well as in case of the loss of the beneficiary designation form or if you forget to name a beneficiary, would mean that all IRA funds will have to be withdrawn within five years of your death and, in case of traditional IRA, all taxes payed as the money comes out.

7. Name "contingent" beneficiaries.
Since you don't want your estate to inherit the IRA, it's advisable to name "contingent" beneficiaries. This way, if your primary beneficiary dies before you do, the contingent beneficiary can keep stretching out the life of your IRA.
For example is your primary beneficiary is your child and you name the contingent beneficiary your grandchild, if your child dies before you, your grandchild can still stretch out the life of your IRA.

8. By choosing a Roth IRA rather than a traditional one, you pay your taxes in advance but you relieve your heirs from this weight when their time comes to withdraw.
Also, with a Roth IRA, after the age of 70 and a half you are no longer obligated to withdraw an yearly amount. This way you can take out what you need when you need it, and let the rest sit in the account, growing.

Good luck!

on Sep 04, 2013 | Finance

2 Answers

How to stop a annuity policy from paying out if ***** is suspected by the beneficiery.


Added:
The information in this article regarding challenging a will in South Africa may prove informative and encourage you to seek legal assistance from an attorney who specializes in wills and estates:
http://www.saflii.org/za/journals/DEREBUS/2013/196.html
(Copy and paste the web address above into the address box of your browser.)

Hello, Evanwyk24 -

From this question and others you have recently posted on Fixya.com, it seems your concern is in regards to the settlement of a will of a deceased person and the payment of that person's annuity policy to some beneficiary. Plus, you reside in South Africa.

I find that in South Africa there is an agency, Ombudsman for Long Term Insurance. Someone there may be able to advise you. See information on the organization's home page:
http://www.ombud.co.za/

From the many questions you posted about your concern, it seems you feel the deceased in question might have been manipulated to change his or her will or there was some sort of unlawful activities involved and you want to contest the will.

If I am correct in my understanding of your concerns, then you need to find an attorney who specializes in estates and related law. This is the link to the website of one such law firm in South Africa:
https://www.empowerlaw.co.za/deceased-estates/

Honestly, I doubt if you will find anyone knowledgeable about South African estate law and challenging a will there volunteering to answer questions on Fixya.com.

Note: Those who answer questions on Fixya are volunteers.

Jan 12, 2018 | Miscellaneous

6 Answers

I am looking for a insurance company which can provide me insurance for home, health, life and auto.?


Hy
My name is Elwyn Davis.
I can help you because I am currently using insurance service which is very good to my knowledge so, this will be beneficial also for you.
The insurance company that I am currently dealing is Auto Insurance Life Insurance Home Insurance Car Insurance.
They provide the best service. and they also have well-trained advisor so that they will explain about what is right for you.
They also provide online service.
I have provided you a link so that you can go through their services.

insurance-plans-options-ygzlpkzn4nqctqanbs3dm40f-4-0.jpg

Jul 07, 2017 | Finance

1 Answer

Who is the Beneficiary of my policy. BEMSID:306129


Contact your agent or the company. You should have set your beneficiary when you bought the polocy.

Oct 17, 2016 | Cars & Trucks

3 Answers

Beneficiary


I can give you some information. Mainly Beneficiary is someone who receives income from property which he uses as collateral when signing an agreement. Sometime amongst other things it could be income from the rental of property or the transfer of stocks for the broker to use. And Beneficiaries are defined by issuing banks as the holder of a credit letter. Howover, a beneficiary could be someone who receives an insurance payment from an insurer. For any kind of information please visit Forex Trading Trade Forex with Alpari International Forex Broker and gather knowledge.

Dec 27, 2015 | Cars & Trucks

2 Answers

Change facebook username


Log in to your Facebook account, click the little gear icon in the upper-right, click "Settings," then click the "Edit" to the right of the "Name" line.

Feb 01, 2014 | Computers & Internet

4 Answers

What is Term Life insurance?


Term life insurance can help protect your beneficiaries against financial loss resulting from your death; it pays the face amount of the policy, but only provides protection for a definite, but limited, amount of time. Term policies do not build cash values and the maximum term period is usually 30 years. Term policies are useful when there is a limited time needed for protection and when the dollars available for coverage are limited. The premiums for these types of policies are significantly lower than the costs for whole life. They also (initially) provide more insurance protection per dollar spent than any form of permanent policies. Unfortunately, the cost of premiums increases as the policy owner gets older and as the end of the specified term nears.
http://www.investopedia.com/university/insurance/insurance8.asp

Aug 27, 2013 | Finance

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