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Not usually, though I can't say that it is impossible. Life insurance is not regulated like car and home so one particular company could promise you that.

Generally the cash value is if the insured cashes in the policy and the face amount is paid to the beneficiary when the insured dies.

I was a life insurance agent for 15 years.

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โˆ™ 2015-07-15 21:32:37
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Q: Does the life insurance beneficiary get both the cash value and the face amount?
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Can there be more than one beneficiary on a life insurance policy and if so can a percentage of value of the policy be set per beneficiary?

The answer is yes to both of your questions.


Dispute on life insurance beneficiary?

In the event of eventuality of the policy holder, the beneficiary is the nominee to get the death benefit amount. When the nominee is a minor, the appointee will act on behalf of the nominee till he/she attains adulthood to be eligible to get benefit amount. When both the policy holder and nominee die, the life insurance company will pay to the legal heir, duly certified by the Honorable Court.


If I'm the beneficiary of life insurance policies of my brother and who named me as beneficiary prior to his marriage and during his marriage do I still have legal rights to this life insurance?

You will receive the death benefit unless your brother has changed the beneficiary. Regardless of marriage, divorce, life changes, etc; unless the insured contacts their insurance company and changes their beneficiary, the money will go to the specified beneficiary; FYI- your brother would not be required to notify you as current (or ex) beneficiary if he changed the policy. Also, many life insurance policies have a primary and a successor beneficiary; the successor is the person who would receive the benefit if something were to happen to both the insured and the primary beneficiary.


A relative died living you the beneficary but you are not sure what insurance company how do you find out?

You may be the beneficiary of the will and there may not be any insurance. If you were named on an insurance policy, the insurance company will find you. They have your name and probably your address, both of which are required to name you as the beneficiary. Also contact the executor of the will, as they may have records on the policies involved.


What does life insurance trust do?

A life insurance trust is a form of trust which is both the owner and the beneficiary of one or more life insurance policies. It an irrevocable and non-amendable trust.


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?


Does a secondary beneficiary only receive funds from a life insurance policy if the primary beneficiary has already passed?

Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.


What are the ratings for the life insurance company called Second to Die?

This actually isn't the name of a company. Second-to-die insurance is a type of life insurance. You insure two people, then the insurance pays out after both die to a third beneficiary, a child, for example.


If my brother and father are dead and father owner of life insurance policy for brother and father named as beneficiary am I beneficiary before my brothers common law wife or my brothers adult son?

Questions that must be considered: (1) Who died first, your father, or your brother? If they both died simultaneously then your brothers's insurance policy wouuld go to your father's estate UNLESS a secondary beneficiary had been named. (2) Who are the named beneficiaries on your brother's insurance policy? It actually makes no difference what their marriage status was, it is the NAMING of a beneficiary that counts, NOT their family status. If no other beneficiary of the policy was named you may have to hope that your father's will included you.


Could a friend be the beneficiary in a life insurance policy?

There's no fundamental reason you can't designate any legal person you want as the beneficiary of your policy. ("Legal person" does not mean that the person is legal, but is meant to include both real people and corporations.)


Are both parents entitled to the payout of life insurance if only one is named beneficiary?

I assume that you are referring to the unfortunate circumstance of the dealth of a child. An insurance policy, including a life policy, is a contract between the insured and the insurer. The insurer promises to pay a sum of money to or on behalf of the insured or his/her designee (the beneficiary) upon a determinable event (sometimes called a "contingency"). With a life policy, that event is the death of the named insured for a reason that is not excluded from coverage. The insurance policy will designate a beneficiary to whom the proceeds are payable. Therefore, absent other facts that you have not stated, the insurer will pay proceeds only to the named beneficiary.


Is it cheaper to get joint life insurance for my wife and I?

Yes, but just to be sure you understand, joint life insurance means that BOTH you and your wife have to die, then the insurance pays out to a third party, so if you want the other spouse to be the beneficiary, you need to buy two normal policies.

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