No, only the policy owner (usually the insured) can decide who the beneficiary is on a life insurance policy. Life insurance has nothing to do with a will or estate distribution after someone's death. That's why it is imperative to keep the beneficiary section updated constantly based on the life changes; too many people who get divorced forget to update their life insurance beneficiary on the policy and benefit may go to the ex-spouse. Life insurance companies are bound by the contract that is the life insurance policy to only pay the beneficiary specified on the policy.
If all beneficiaries specified on the policy are deceased, then the benefit will be paid to insured's estate.
Legally and contractually the named beneficiary is the beneficiary.
For an insurance policy and/or retirement benefits it goes to the beneficiary designated. For a will, there could be grounds to contest it.
If no beneficiary is listed on an insurance policy the proceeds will be paid to the decedent/owner's estate.
A person listed as a beneficiary is the receiver of any proceeds from an insurance policy. They are normally named in the policy document or can be named in a will.
You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.
If no beneficiary is listed on a life insurance policy then the benefits are payable to the insured's estate. The beneficiary can be changed at any time prior to the death of the insured if this is the person's desire.
No, an ex-spouse can't collect a deceased husbands insurance if the first wife is listed as beneficiary even if the fist wife is now deceased. The money will go to the beneficiary's heirs.
No it is not. The beneficiary information is listed on the policy and with the home office of the insurance company, but there is no reporting of it elsewhere.
The word beneficiary is a noun but is also used as an adjective. Examples: Noun: You are listed as the beneficiary on your Aunt Alice's life insurance. Adjective: The beneficiary result of saving your money is that you can afford that vacation.
An insurance policy and a will are two separate things. The policy is a contract between the insured and the insurance company. The beneficiary of the insurance policy is spelled out in the contract. The insurance company will pay the insurance proceeds to whoever is listed to receive the proceeds. The proceeds from an insuranc policy can be paid into the estate of the deceased and disbursed according to the terms of the will. The issue is who is listed as being the beneficiary of the insurance policy.
Generally, the proceeds will be paid to the named beneficiary. However, the survivor should discuss the situation with an attorney.
If you are the insured you can change the beneficiary at any time as long as it is not an irrivocable beneficiary and there is insurable interest