Yes, you can decline the benefit. Speak to the insurance company about how.
There are five basic participants involved in a life insurance contract. # Contract (policy) Owner# Agent# Insured# Primary Beneficiary# Secondary Beneficiary---- The Five Participants: 1. Contract owner The contract owner is the person that actually owns the insurance policy. 2. Agent The insurance company (see notes below) 3. Insured The Insured is the person whose life is being insured. 4. Primary Beneficiary The primary beneficiary is the person who receives the death benefit when the insured dies. 5. Secondary Beneficiary The secondary beneficiary is an alternate beneficiary that will receive the death benefit if the primary beneficiary previously died. ---- An Example: For example, a wife may purchase a life insurance policy on her husband. The wife would be the owner and the husband the insured. She may name their children as the primary beneficiaries. In this case the children, not their mother, would receive the death benefit when their father dies. On the other hand, if the wife had listed herself as beneficiary and the children as the secondary beneficiaries, the wife would receive the death benefit. Then had the husband and wife died together, say - in a car accident; the children, as secondary beneficiaries, would receive the death benefit on the life policy on their father. ---- Notes:There are two parties in an agency relationship: 1. The party being represented - the client 2. The party doing the representing - the agent An insurance agent represents his client - the insurance company. The insurance purchaser is the insurance agent's customer. The purchaser is the client of the insurance company.
Possibly yes. That depends on whether a tenancy was also recited. Generally, if the three who were named as beneficiaries were to take as "joint tenants" then the share of any deceased beneficiary would pass to the other beneficiaries. If the document was silent as to a tenancy then generally, the share of a deceased beneficiary would pass to their own heirs.
insurance proceeds are distributed to named beneficiaries In addition an insurance policy of a deceased that does not have a named beneficiary will be included in the probate procedure and the state's probate law of succession will apply.
Yes. He should name you as the beneficiary and your children as contingent beneficiaries. That way it will not become part of his probate estate.
Once an insurance company (insurer) receives a valid proof of loss (claim form), the insurer will begin the process of contacting beneficiaries of any life insurance. The insurer will first contact the primary beneficiary. If unable to locate the primary beneficiary, or if the primary beneficiary is dead, the insurer will then move to the contingent beneficiary (second beneficiary). If the insurer has no response to the contingent beneficiary, the insurer then moves to the tertiary beneficiary (third beneficiary). Failure here will force the insurer to pay any life proceeds to the estate of the decedent, which can open the claim to the creditors of the decedent in most states. More than 40% of life insurance policies in America have no named beneficiary! Failure to name the beneficiary can leave your loved ones in a bind. Always name your beneficiaries. List one or more in each category (primary, contingent, tertiary) too. Most people name their spouse first, children as contingent, and parents or siblings as tertiary.
no
With most insurance policies, you are asked to list both primary and secondary beneficiary(ies). If your primary beneficiary(ies) dies or cannot be located, benefits are paid to your secondary beneficiary(ies) in the same manner. If there are no such beneficiaries, then typically it defaults to a widow or widower; then to a child or children; next to parents; to the executor or administrator of your estate; and finally next of kin as determined under the laws of the State where you lived. Some form of court proceedings will probably take place. It is important that you keep your designated beneficiaries' addresses current. Failure to do so could mean that your beneficiary cannot be located and therefore benefits will not be paid to that person.
Get StartedAs the owner of an insurance policy, you may want to make changes to your beneficiaries. Usually the insurance policy, an insurance company rule, or a state law requires that certain formalities be observed to effectuate the change of a beneficiary. For example, an insurance company may require that an owner use a company form to change a beneficiary. An owner may also be required to enclose the actual insurance policy with the letter requesting a change of beneficiary. You should consult your insurance agent to determine whether such formalities apply to you.A letter to an insurance company regarding a change of beneficiary should include the following information:Policy NumberInsured's NameOwner's NameName of the Primary Beneficiary (This can be either a proper name, like Jane Davis, or a categorical designation, like "my children.")Name of the Contingent Beneficiary (This can be either a proper name or a categorical designation.)
If the named beneficiary was alive when the person leaving them something in a will died, then yes it would go to the heirs the named beneficiary. However if the named beneficiary died before the person leaving them something in a will died, then no the named beneficiaries heirs would get nothing. You can not leave a dead person an inheritance.
== == It's all a function of who's listed as the beneficiary. If someone doesn't agree and brings a lawsuit about it - The Insurance Company will probably just ask the court to decide - It would be wise to plan ahead and set up trusts, change beneficiaries, whatever so that the insured's desires are met.
If the husband is the policy "owner", and the children are listed as "revocable" beneficiaries, then the change can be made. However, you can be sure [that] when the husband dies, the new beneficiary designation will be challenged. Think carefully about this before you act. Perhaps , assuming the husband is insurable, a new (additional) policy should be purchased naming the new wife as the primary beneficiary.
No one. Each child will be able to collect their share of the money when they are 18. The money for the minor child will be kept by the insurance company until the minor turns 18. This is why it is not a good idea to name minors as beneficiaries of life insurance policies if the money would be necessary for the upbringing of the child. Either name an adult that you trust or create a life insurance trust to be named as the beneficiary.