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What if there is no surviving spouse who would the life insurance go to?
Wiki User
∙ 15y ago
In the event that there is no surviving spouse, the death benefit would go to the contingent beneficiary. The contingent beneficiary is best described as "the runner up". This person should have been listed when the application for insurance was submitted. If for any reason this is not the case, the death benefit would then be subject to probate. You must also remember that people are human and do make mistakes and may have not listed your beneficiaries correctly. If that is the case the contingency beneficiary is the person named in you policy (which is the binding contract that the insurance company must legally be bound to). To be sure of what is true for your exact case get a free analysis from a team of professionals, just so there is no surprises. E-mail (freeinsuranceanalysis@Yahoo.com).
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoIf there is no beneficiary named in a life insurance, then there is a great deal of problems as many will come forward , and claim to be the real heirs.
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What is the surviving spouse eligible for after a death?
life insurance payouts
Is surviving spouse entitled to share life insurance payments?
Whether or not a surviving spouse is entitiled to any life insurance proceeds DEPENDS on the fact that most, if not all, policies must be paid to the named beneficiaries in the insurance policy records.
Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
Do life insurance policies have to be listed in probate?
No if there is a surviving spouse and the children are grown
In the state of Georgia if a spouse receives life insurance benefits is the surviving spouse responsible for the deceased spouse debt if surviving spouse's name is not on any of the debt owed?
In Georgia, as in most states, life insurance proceeds to a named beneficiary become the property of the beneficiary and are therefore not accessible to the creditors of the decedent. Of course, this does not apply to joint debt between the spouses or any debt solely in the name of the surviving spouse. In short, if the surviving spouse's name is not on the debt of the decedent, the surviving spouse has no legal obligation to pay such debt.
Does a surviving spouse pay income tax on proceeds from a life insurance policy?
Life Insurance benefits are usually not subject to taxes. It is a benefit, not a gift or income.
Is the surviving spouse the legal beneficiary of a life insurance policy if no one is named beneficiary?
The policy would default to the Estate. which in most cases the spouse would be the executor of the estate. however, it would have to go through probate court first, so you always want to have a primary beneficiary a life insurance policy.
If you die without health insurance who pays the hospital bill Is the surviving spouse liable Can a lien be placed on life insurance proceeds?
That is the purpose of Life Insurance, to pay those bills and the cost of a funeral.
If no beneficiary is named on the life insurance policy is the surviving spouse the default beneficiary?
Life insurance is a great thing: you can ensure that a loved one will continue to have the life style that they are accoustmed to should you pass on. When the policy was applied for, a beneficiary should have been named. The beneficiary can be changed at anytime (just contact the company and ask for a beneficiary change form). But never the less the proceeds WOULD go to a surviving spouse if there is not a designated bene at the time... Just as the rest of your "estate" would (unless you had a trust). A life insurance policy is its own trust/ legal document and would go to the spouse based on your "union" between man and woman. I suggest clarifing your intentions for the proceeds by naming a bene. Good luck What if the deceased also had a minor child who was not the child of the surviving spouse?
What is the purpose of life insurance protection?
In simple terms, the purpose of life insurance protection is to provide surviving dependents or select family members with money to cover certain expenses in the event of a provider's death. Usually, this money from a policy goes to a surviving spouse or children.
What life insurance companies are advertising that they will pay out to a surviving spouse no matter if the man or wife is first to die?
That's not normally how the insurance works. It is in one person's name and when they die, their surviving spouse or beneficiary gets the benefits. Speak with a local attorney who specializes in estate planning to determine which laws apply to you.
Can one buy life insurance for their spouse?
Yes one can buy life insurance for his or her spouse because he or she has insurable interest in the spouse. One would not like to see his or her spouse die so there is no moral hazard involved.
