In that case the benefit would be paid into the beneficiary's estate, though that doesn't necessarily mean their heirs will receive it.
However, if there is a contingent (secondary) beneficiary they would receive the benefit.
The insured can never amend his insurance policy without the consent of his irrevocable beneficiary because this act would lessen or diminish what is due to the irrevocable beneficiary and thus considering that this is a diminution...consent of the IR beneficiary is necessary.
If the beneficiary of a life insurance policy predeceases the insured, the insured should make arrangements to name a new beneficiary. If they do not, the policy proceeds will become part of their estate if they die without naming a new beneficiary. You should consult with the insurance company.
The beneficiary designated on the policy application is the recipient. Usually, a secondary ("contingent") beneficiary is also named in the event that the primary beneficiary dies before the insured. The estate of the deceased can also be the beneficiary if it is named as such or if there are no named beneficiaries or if all of them die before the insured. In that event, the insurance proceeds become a part of the estate and are distributed according to the insured's Last Will and Testament. If the insured dies without a Will, the estate, including the insurance proceeds, pass according to state law according to the laws of intestate succession.
The proceeds of the insurance policy are not effected as long as there is a named beneficiary. If the estate is the beneficiary than the proceeds are subject to probate and taxation.
The insurance proceeds would be part of their estate and would pass according to their will or by intestacy to their next-of-kin.
No. You must have the signature of the insured person.
Yes. The policy is controlled by the "owner"of the policy. If the insured person is the owner, then the beneficiary should be written as "irrevocable." An "irrevocable" beneficiary can only be changed with the consent of that beneficiary, regardless of who the policy "owner" is. Hope this helps.
He would have to fill out a medical questionnaire and sign the application. The insured individual has to consent to having their life insured. The wife doesn't need to know about it, but he would have to.
You are very entitled. But they do not have to tell any information about the policy, without consent of the insured. Yes, if the insured person has passed and you are the beneficiary, you should call the insurance company and go through their steps to claim the benefit. It is the responsibility of someone that knows the Insured has passed to inform the Insurance Company. If no one tells them, they will assume that the insured no longer wants the policy and they will cancel it. It will require you to show a signed sealed death certificate and possibly other documents. It is sometimes different for each company. They then will issue a check to the person(s) listed on the policy as the beneficiary.
You cannot purchase insurance on someone without their knowledge and participation. The insured has to answer the underwriting questions in person and sign the application in the presence of the insurance agent. The insured does not have to be the policy owner or payer. The owner is the only person that can make changes to the policy including changing beneficiary, address, payment method, etc.
Does it matter who signs the check to pay for a policy, either the insured or the beneficiary for tax purposes.
Some life insurance policies have an "irrevocable" clause, meaning, once you designate a beneficiary, that's the only beneficiary that can be designated. Stated otherwise, the owner of the policy cannot him/herself change the beneficiary without the consent of the beneficiary (hence, the use of the term "irrevocable"). If that consent can be obtained, the insurer will have forms that must be completed with a great degree of formality, in order to effect the change. The insurer will be concerned that all formalities are observed so that when the insured dies, it is not faced with conflicting claims to the proceeds.