Please select a personal insurance product you wish to contact us about. Clicking the product name will show you a list of contacts to choose from. Car insurance. Customer service Phone number: 0330 024 1158. Lines open: Monday to Friday 8am to 8pm, Saturday 9am to 5pm, Sunday and Bank Holidays 10am to 4pm.
If you are the beneficiary of an IRA, taxes must eventually be paid on the proceeds of the IRA. However, depending on your beneficiary status, there can be a lot of flexibility as to when the taxes must be paid.axes Must Be Paid Eventually. An IRA is a tax-deferred account, and Internal Revenue Service (IRS) rules force taxes to be paid on the account eventually. If you choose to withdraw any money from the inherited IRA, that money will be taxable for the year in which you made the withdrawal.
Definition: The beneficiary is the term in a life insurance or annuity insurance contract that identifies who will receive the benefit in the event of the insured death. A policy may have more than one beneficiary. The beneficiary can be revocable or irrevocable. The primary beneficiary is the person who first would receive the benefits of an insurance policy. If the primary beneficiary is deceased then the contingent beneficiary would receive the proceeds of the insurance policy. A contingent beneficiary is also sometimes called a secondary beneficiary. It is important to understand the role of the beneficiary in the insurance contract to ensure that regardless of circumstance the right person will receive the benefit. Beneficiary can also refer to someone who receives benefits from a health insurance policy such as payments for a health care service. How to Choose Your Beneficiary. Choosing a beneficiary on a life insurance policy can be as challenging as figuring out what kind of life insurance to buy.