It depends, sometimes through a divorce the courts force him to have a life insurance policy when there are children involved. Besides that, any insured can change their beneficiary as long as there is an insurable interest.
Yes. That would be possible.
For an insurance policy and/or retirement benefits it goes to the beneficiary designated. For a will, there could be grounds to contest it.
In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.
A grantee is one to whom property is conveyed. A beneficiary is one who is designated to receive something as the result of a legal arrangement or instrument (benefit from) such as a trust, insurance policy or will.
Yes, you can decline the benefit. Speak to the insurance company about how.
Normally, when one buys an insurance policy a primary beneficiary is designated, as is a "contingent" beneficiary. The latter is second in line to get the proceeds if the primary beneficiary predeceases the insured and the insured does not name a new primary beneficiary. Another circumstance for the contingent beneficiary to get the proceeds is when the primary beneficiary cannot be found. The beneficiary designation(s) on the policy may also provide in addition to, or instead of, a contingent beneficiary that the proceeds get paid to the estate of the deceased insured. If that is the case, the proceeds become a part of the cash assets of the estate and are distributed to heirs in accordance with the Will. If there is no Will, the estate is distributed according to the laws of descent and distribution of the state in which the insured died. If none of the foregoing applies, and after having made a diligent search for the beneficiary(ies), the insurer pays the proceeds to the unclaimed property authorities of the state in which the insured last lived. This is a government agency, or bureau within an agency, and is often annexed to a department of insurance or the chief financial officer of the state. There exists a national organization of unclaimed property offices.
It will have to go through Probate. You may be the beneficiary of your mothers estate, but if you were not listed on the insurance policy, it is just issued to the estate so that no one can come back on the insurance company if there is a dispute between people or debts owed. This way the insurance company is out of the picture and it is up to the court to decide who gets it.
Life insurance is often purchased on the advice of an attorney when writing your will and planning your estate. When you purchase a life insurance policy, you need to name someone as the beneficiary of the policy in the event of your death. The beneficiary of a life insurance policy is the person who receives the insurance money after the death of the insured person. Anyone can be named as the primary beneficiary of your life insurance policy. In most cases, the person you choose will be your spouse. If you live in a community property state, laws in those states require you to name your spouse as beneficiary unless he or she has given you written permission to name someone else. You can also name a contingent beneficiary that would receive the proceeds of your life insurance if your primary beneficiary is deceased. You can also name two or more people as your primary beneficiaries. For example, if you have no spouse or children, you may choose two siblings to share the proceeds of the policy. In this case, specify the percentage of the proceeds that each sibling gets, i.e. fifty percent each, instead of an exact dollar figure. If you have minor children, your main reason for purchasing a life insurance policy may be to provide for their care until they reach adulthood. You and your spouse need to name a guardian for your children in your will, especially in the event that you both die at the same time. The beneficiary of your life insurance policy in this case could be the named guardian or a trust fund set up to hold the policy benefits. If you are a single parent, these decisions are critical to your children's future. You should avoid naming your estate as beneficiary since all assets in your estate must be distributed to the appropriate heirs by a probate court. Probate court proceedings can significantly delay payment of benefits to your loved ones. If a specific person has been named as the beneficiary, the proceeds are paid directly to that person and are not subject to the probate court. After you are satisfied with your beneficiary designation, you should periodically review your estate plan and will. You can easily revise the beneficiary to your life insurance policy when changes occur in your life.
Life insurance policies are extremely flexible. For instance if you have a policy on someone there can also be added to this policy a rider to provide term life insurance to cover the spouse and children if desired. Putting this all on one policy saves some money by having only one policy fee instead of several. The term riders would have a designated beneficiary just like the primary policy on the other spouse. Usually they would be each other but they don't have to be.
You've got it backwards. A beneficiary is the person who has to have an insurable interest in the insured, and that is standard insurance law, in North Carolina or anywhere else. In order to take out insurance on anyone you must have an insurable interest in that person. That does not mean you must have an insurable interest in the beneficiary. Some states do and some states do not. My question is does NC require an insurable interest in the beneficiary? OK, since you are still questioning this, here is the more detailed answer. A beneficiary, by definition, is not being insured; instead, he or she is the person who will receive the insurance payment (in the case of life insurance) when the insured person dies. Since the beneficiary is not being insured, there is no reason why anyone would be required to have an insurable interest in the beneficiary. The reason why insurable interest is required, is that life insurance is not intended to be a form of gambling, otherwise anybody could take out an insurance policy on anybody else. Insurable intersest means that you personally would be financially harmed by the death of a particular person. Children depend upon their parents and therefore have an obvious insurable interest in their parents. Even if the child has grown up and no longer depends upon the parent, that child still has an insurable interest in the parent, because when the parent dies, the child will probably have to pay for the funeral, and will have other expenses relating to that death. Whereas, if you wanted to take out a life insurance policy on a complete stranger, you have no insurable interest. An employer can take out life insurance on an employee, called "key person insurance" if it is thought that the death of that employee would cause financial problems to the company that employs him or her. The star of a motion picture would normally be insured by the movie company, since the death of that person could make it impossible to finish filming, and the money invested up to that point could be lost. That's how insurable interest works. The beneficiary HAS insurable interest in the insured, the insured does NOT have an insurable interest in the beneficiary.
Mortgage Protection Life Insurance is a good idea if you want to protect your mortgage. It pays the outstanding balance of your mortgage if the mortgagor (insured person) dies. Mortgage protection life insurance coverage is usually in the form of decreasing term insurance, with the amount of coverage decreasing as the outstanding mortgage debt decreases. Usually, the proceeds of the mortgage protection life insurance are paid to the beneficiary, which is the mortgage company holding the mortgage loan. Some people choose instead to buy level term life insurance in the amount of the mortgage, and the benefits are paid to the insured's beneficiary (family member), who in turn can use the proceeds for any reason, including to pay the mortgage.
Instead of what?
There is no particular significance in dreaming about one person instead of another. The dream merely expresses your grief, and the grief is the same emotion for either deceased loved one.