How can a person be a beneficiary of a life insurance policy if the spouse of the deceased is still alive?
In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.
In case of demise of the life insurance policy holder, only the NOMINEE is the beneficiary to get the amount. In case nomination is not done, the legal heir of the deceased person can apply before the insurance authority for the death benefit.
Life Insurance and Estates NO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life… Read More
only if there is no beneficiary named on the policy, or if the beneficiary(ies) deceased before the insured.
How can second divorced wife collect deceased husbands insurance policy when first deceased wife of husband is still named beneficiary?
In order to ensure that a wife collects her deceased husband's insurance policy, it is beneficial to transfer the beneficiary of the policy while the husband is still alive. If the beneficiary of the policy is also deceased, it would be wise to seek legal help.
Yes. Insurance proceeds, unless the beneficiary is the estate, are payable directly to the person who is named as the beneficiary beneficiary. As such, the policy proceeds pass "outside" of the estate and do not become a part of it. If the same person who is the named beneficiary of the policy is also the executor of the estate, he/she is required to carry out the directives of the Will. This includes paying legal debts… Read More
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.
If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.
The policy proceeds will become part of the decedent's estate.
No. All monies of a deceased is gathered in to their estate, then all debts of the deceased are paid, then legacies are paid out. Policies payable to a person are payable to that person.
A 'deceased beneficiary' is the beneficiary of a life insurance policy or a 'payable on death' bank account who predeceased the insured or the account owner. A 'deceased beneficiary' could also be a beneficiary named in a will who predeceased the testator or who died during the probate of the estate.
The owner of the policy can change the beneficiary of the policy. If the original beneficiary has died before the insured, the owner of the policy can designate a new beneficiary at any time.
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.
Your stepmother did not change beneficiary on life insurance to your dad but your dad is deceased who gets the life insurance?
The person named as the beneficiary on the policy, or on file within the records of the insurance company. James V. Medici, CLU,CLTC Charlotte, NC
Does the beneficiary of a life insurance policy have to pay for the deceased funeral cost or should the estate pay for it?
The beneficiary of a life insurance policy is not responsible for paying for the deceased's funeral cost using the money from the proceeds of the life insurance policy. The estate of the deceased is responsible for paying for the funeral cost from the proceeds of the estate.
In case of death of the policy holder, with beneficiary already deceased and there is no will, the Insurance Company will pay only to the Legal Heir of the Policy Holder. The death claim will be kept in abeyance till the legal heir proves his legal identity to the satisfaction of the Insurance Company.
No, the insurance money goes to the beneficiary named in the policy. If the beneficiary is not named, or the estate is named, it will go into probate.
No. The contingency that triggers payment of a life insurance is the death of the named insured. That person could have changed the beneficiary designation prior to his/her death. Even if the policy had given the power to change the beneficiary to another person, the change would have had to be exercised before the named insured dies.
Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state. It depends on whether the beneficiary predeceased the insured. If the beneficiary died before the insured then the proceeds go the the contingent beneficiary. If there is not a contingent, check the contract, it probably is paid… Read More
If the wife is not named as a beneficiary then she would have no claim on the policy proceeds.
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… Read More
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.
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
Contact the insurance company for information on how to make your claim and ask if they can supply a copy of the policy.
Not if there is a named beneficiary living. that makes it separate from the Estate of the deceased. example my mother recently passed away while she left a life insurance policy and stated me as the beneficiary, she also had one on me and she was the sole owner. Which makes that life insurance policy part of the estate since there was no other person who was named as owner hope that helps.
Yes, if the owner of the policy does not file a change of beneficiary the insurance will have to pay the proceeds to the person who is named on the policy.
Can you deny the benefits of an insurance policy if you are the owner so the beneficiary can collect the proceeds of the policy tax free after the insured is deceased?
I assume you are talking about life insurance. As the policy owner, you have no right to benefits so there is nothing for you to do. Benefits are only payable to the beneficiary unless all beneficiaries are deceased prior to the insured then it would be paid to the estate of the beneficiary. The owner of the policy basically has control of the policy before the insured dies. They are the only one who can… Read More
No, it does not. Life Insurance is a contract between the deceased and the insurance company. Unless the estate has been listed as the beneficiary, the will has no affect on the policy.
The beneficiary benefits financially from the life insurance policy by receiving the proceeds of the policy. The beneficiary is the person(s) or entity who is designated by the insured person to receive the proceeds from the life insurance policy upon the death of the insured person. The insured person also benefits from knowing (peac eof mind) they have secured financial protection for the beneficiary in case the insured person dies.
When no beneficiary has been designated the proceeds of a life Insurance policy are assigned to the probate estate of the deceased insured. It would then be apportioned by the probate court to any surviving heirs.
Ordinarily, no. The insurance policy designates the identity of the beneficiaries (the recipients of proceeds). The owner of the policy (usually the person insured) may change the beneficiary(ies) at any time prior to his/her death upon notification in writing to the insurance company. The person(s) designated as beneficiary at the time of death is/are the rightful recipients of proceeds, and absent a separate, lawful contract with another sibling, there need be no sharing. That said… Read More
If the person listed beneficiary on a life insurance policy is deceased will it automatically go to the current wife?
It will go to the alternate beneficiary, if one is listed if not it will be paid to the estate to be distributed in the same way as any other money in the estate.
Not that I know of.. What does one thing have to do with the other?
No, you are not responsible for their back child support.
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… Read More
Retirement Benefits after Death? NO. Retirement benefits cease once a person dies and therefore would not be part of an estate. When a person Dies, they are no longer considered "Retired", They are after death considered "Expired". Life insurance also is not part of an estate unless there is no named beneficiary. The proceeds of a life insurance policy belong to the beneficiary named on the policy, Not to the deceased nor to the deceased… Read More
The only way to find a person or deceased Life Insurance policy with a Social Security number is to know the name of the company that issued the policy. With that information, the beneficiary can contact the Life Insurance company and search his policy with his Social Security number. Please keep in mind that if you do not have a signed sealed death certificate the policy benefits will not be issued. Also, the death benefit… Read More
If the person is deceased then the "policy" is now going to change into a death benefit check once a claim is properly filed. Providing the beneficiary is another individual and not the insureds estate, Medicaid nor any other entity has a right to the proceeds.
This all depends on who took out the life insurance policy and who was named as the primary beneficiary at the time. The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father and/or mother. If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary. If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's… Read More
A judge, if there is a good enough reason presented to the court.
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 owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.
If the policy belonged to the deceased, then it is part of the estate and is paid to the named beneficiary; if there is no one named (or the beneficiary predeceased the policy owner) the payout goes to the next of kin.
the owner of the company
If you are the beneficiary listed on an insurance policy how can a person or persons not listed on the policy contest the claim if a change of benefit form was requested but never submitted?
Legally and contractually the named beneficiary is the beneficiary.
The holder is the owner, In the case of Life Insurance , the person paid is the beneficiary .
If the estate is listed as the beneficiary of the policy, the executor is bound to follow the wishes of the deceased, in which case the proceeds would go to the "residuary legatee" if no other claim is made on it in the will. If the insurance policy names your brother's wife as the beneficiary, then it goes directly to her and is not part of the estate; in fact, if the beneficiary is not… Read More
There is no age restriction for a beneficiary on a life insurance policy.
the person in whose name the policy is issued legally is known as policy holder the person who gains insurance cover is known as beneficiary ,it may be himself or dependents(nominees)
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a… Read More