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Yes. It's done ALL the time. You can leave it for the children (adult) you can put it into a trust. You can leave it to a business partner to fund a buy sell agreement.
That said, the primary factor to keep in mind is that the beneficiary must have an insurable interest in the life of the person insured. Essentially, this means that the beneficiary must have a "stake" in the continued life of the insured. This can be financial (such as a child dependent upon support, or even a business partner). The insurable interest can also be based upon "love and affection", and to that extent, a parent may be the beneficiary. There are other permutations of "insurable interest" that are defined by statute and interpretative case law. Insurance company underwriting guidelines also often address it.
All of that said, the insurable interest must exist at the inception of the policy. If the relationship between the parties subsequently changes (such as a divorce), the efficacy of the beneficiary designation will not change as long as the insurable interest existed when the policy was issued.
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Can someone other than the owner of a life insurance policy change the beneficiary?
You might wanna check the company of life insurance you have but i think they can't.
Is wife heir of a life insurance when the beneficiary and the insured dies?
If your wife dies and she has an insurance policy with someone other than you as a beneficiary, then chances are the contingent beneficiary will receive the life insurance payment. Naming at least one contingent beneficiary on a life insurance policy will help ensure that the insurance benefits are not tied up in courts. If you don't name a contingent beneficiary, a line of descendants may be followed, depending on your state or country. You should probably speak with a life insurance agent to get answers to your specific question as it pertains to your country and state.
How can the insurance co make a payment to someone else if you are the beneficiary of a life ins?
A life insurance policy has an owner, who is the person who is buying the insurance, as well as a designated beneficiary. Some kinds of life insurance, called whole life, have value as an investment and can be cashed out by the owner if he or she so desires (unlike term life which has only a death benefit and no cash value prior to the death of the insured). Now, you haven't said who this other person is who has received a payment from the insurance company. If it is someone other than either the policy owner or the beneficiary, the only other scenario I can imagine is that someone filed a lawsuit claiming that there was some kind of fraud going on, and that he (or she) is the actual owner or beneficiary of the policy, and not you. If the judge agrees, then the insurance company must comply.
What is the beneficiary position on a life insurance policy of someone who is dying?
The beneficiary position is that they will receive the proceeds of the life insurance policy after the death of the insured. Until the death they have no other "position". After the death they must file a claim by contacting the company and following their instructions.
Can other immediate family members change the beneficiary of a life insurance plicy?
Immediate family members would not be able to change someone's life insurance beneficiary without power of attorney. The life insurance policy is a legally recognized document signed by the owner with a designated recipient.
Can someone other than the beneficiary forge a signature to receive payment from the insurance company?
No, that person would be charged with both fraud and forgery and be sent to jail. The only legal way someone other that the beneficiary can sign for a payment is if the benificiary is declared incompetant and a court assigns the signing authority to that person or the beneficiary voluntarily signs legal documentation giving someone else that right
What happens if both primary and secondary beneficiary die. Second beneficiary had approved power of attorney to another sibling - what happens then?
A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?
Can husband collect life insurance if wife dies unexpectedly?
If the husband was the named beneficiary of the policy, if the policy was in force at the time of death, and if the cause of death was not excluded by the policy, the general answer is "Yes". If the beneficiary was the estate of the wife, the proceeds are paid to the estate. Then, if the husband was a beneficiary of the estate (either by virtue of a Will naming him as beneficiary, or if no Will, through the laws of intestate succession), he may be entitled to all or a part of the insurance proceeds. If the beneficiary of the life insurance policy was someone other than the husband as of the time of the wife's death, proceeds are payable to that person.
Is life insurance part of the estate?
If life insurance is payable to a beneficiary other than "the estate of ...[the decedent]", proceeds are payable directly to the named beneficiary and do not normally become part of the estate. However, if the designation of beneficiary of the life insurance policy is the estate of the decedent, proceeds do usually become part of the estate.
Can a wife have some other than her husband be her life insurance beneficiary in the state of ct?
Sure. The owner of the policy is the only person that can decide who the beneficiary of the life insurance policy is. The owner can also change the beneficiary whenever they want to. This should be standard in every state.
Does Iowa allow ex wife to collect life insurance if they are the beneficiary and the dead spouse had remarried?
Life insurance is usually governed by beneficiary information on the policy. In other words, whoever the beneficiary is on the policy will the one to collect. You may want to consult a local lawyer to confirm this.
Is the beneficiary of a life insurance policy responsible for the deceased credit card debt?
Not that I know of.. What does one thing have to do with the other?
