You planned for his arrival Plan to always protect the ones you love most. Not everyone thinks about retirement income in the same way. Chick Financial Whether you're starting a family, enjoying retirement, or wherever you find yourself, we offer products and solutions that can help you reach your financial goals.
Calculators Savings in Retirement I'm retired, how long will my savings last? Burial and Final Expenses What are my needs for burial and final expenses? Life insurance proceeds How long will my current life insurance proceeds last?
Lourdes Calas Financial Services Professional They say life doesn't give you anything you can't handle. Calculators Burial and Final Expenses What are my needs for burial and final expenses? Long-Term Care How much do long-term care services cost? Spending Habits How much am I spending? Savings in Retirement I'm retired, how long will my savings last?
More Calculators ». We're in this together Great Rewards Learn how great rewards begin with the first step. Not everyone thinks about retirement income in the same way. Calculators Annuity Tax Advantages What are the tax advantages of an annuity?
Spending Habits How much am I spending? Current Retirement Savings Are my current retirement savings sufficient? Savings in Retirement I'm retired, how long will my savings last?
More Calculators ». You can designate one or more people or entities and also designate the percentage of death benefits that will be allocated to each. Children under the age of 18 should not be named as beneficiaries in New York State. If they are, the court may appoint a guardian to receive and manage the funds in their name until they reach the age of majority.
Technically, a child above the age of fourteen years and six months can receive death benefits, but counting on this technicality opens the door to possible dispute and litigation. If an insured wants minor children to receive life insurance proceeds, he or she should create a trust for the benefit of those children and name the trust as beneficiary. In the alternative, the insured can name an adult custodian of the funds as beneficiary.
If the named beneficiary has died or the beneficiary designation is invalid for any reason, the insurance company will try to locate and pay the contingent or secondary beneficiary or beneficiaries.
If the insurance company cannot locate either the named beneficiary or the contingent beneficiary, it will usually pay the death benefits to the estate of the insured. This is commonly provided for in the policy itself and not a matter of state law. The insurance proceeds are then subject to the will of the insured and are distributed among the heirs accordingly. If the insured divorces the beneficiary of his or her policy, that beneficiary designation is automatically invalid under the New York revocation on divorce statute:.
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