If there is a policy on your life the person currently listed as the beneficiary will be paid upon your death. The person listed as the owner of the policy is the only one who has the right to change the beneficiary. Usually the owner and insured are the same person but not always. You may wish to check on this and change the beneficiary if your situation has changed.
Typically, the person being insured must consent to the life insurance policy. Without the person's consent or insurable interest, it is not permissible to take out a policy on them. Doing so could be considered fraudulent.
Nobody, unless you die.
On whose life, policy is purchased, he/she is called 'Life Assured', whereas the former is called the 'Proposer' in a life insurance policy.
The life insurance policy has a maturing date that determines the time it takes for a policy to accumulate the amount of money essential for the policy. An unmatured life insurance policy is one that hasn't yet reached the end of its policy.
In that case, the money will be kept deposited with the insurance company as unclaimed amount. In absence of the beneficiary, the insurance company can pay the money to the legal heir of the policy holder, but that has to be sufficiently proved in the Court of Law.
George Bailey has a life insurance policy worth $5,000.
If you believe someone has a life insurance policy but you cannot find the actual policy or who the coverage is with you can get help through The Center for Life Insurance Disputes.
I have a whole life insurance policy, how long does it take to cancel it, also can I get money back from it.
Beneficiary
It will state on the life insurance policy the name of the person or persons who are to receive the death benefit. Since a life insurance contract is a legal document, the insurance company is required to carry it out exactly as stated in the policy. The money may be argued over from that point, but the will cannot dictate where the money from a life insurance policy goes.
Send in your policy and ASK.
You must direct your question to the insurance company that holds the policy.