Yes, there is no requirement that the beneficiary be of age. A trust would be set up to manage it until they were an adult.
You can typically find out who the beneficiary is on a life insurance policy by checking the policy documents or contacting the insurance company directly. The beneficiary information is usually listed on the policy itself, in the beneficiary designation form, or in the insurer's records.
A life insurance policy and IRA's are contract documents and are not subject to the will.
Then you will receive whatever the life insurance policy states. These are two separate issues / documents and have nothing to do with each other.
When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.
The insurance policy and a certified, original copy of the death certificate. If the policy has been lost or misplaced, the insurance carrier can provide the appropriate "lost policy" form.
No, They are two separate legal documents with entirely different purposes. An insurance policy is a contract between the insured and the Insurance company. The insurance company is bound by the contract to pay the beneficiary designated by the insured policy owner. Life insurance proceeds are for the designated beneficiary. Heirs in a will are designated inheritance of estate by the will. A will is not a contract, it is a document of assignment.
Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.
The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.
The purchaser of an insurance policy names the beneficiary.
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
The Insured can change the beneficiary on a life insurance contract.
No.