Beneficiary Designations

Primary: The individual named in the policy to receive death benefits if living.  The primary beneficiary’s right at the time of the insured’s death and owner’s rights end. Policy owner has the right to change beneficiaries at anytime as long as the beneficiary is not irrevocable.  Irrevocable beneficiaries must agree to change.  If the irrevocable …

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2022 Pension Contributions

LIMITS 2022 Individual Retirement Accounts (IRA) Traditional or Roth  $       6,000.00 Catch up for IRA  $       1,000.00 Maximum elective deferral contributions (401K, 403B,457)  $    20,500.00 Maximum annual additions under a defined contribution plan ( includes SEP)  $    61,000.00 Maximum catch up contributions (401k. 403b, 457)  $       6,500.00 Maximum salary reduction contribution for a SIMPLE plan …

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Payment of Interest on a Life Insurance policy

When an insurer delays payment on a life or annuity contract, they have deprived the insured or beneficiaries of the use of the money.  To stop unnecessary delays in payment of proceeds, states have enacted laws requiring the payment of interest to those effected by the delays.  Below is the Illinois Law: 215 ILCS 5/224 …

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