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 estate. Please consult with a qualified attorney, to determine guardianship of the child's estate.
Ask the insurance agent and a lawyer for a free consult to be sure.
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.
In general, no. You only need a beneficiary for life insurance.
The Insured can change the beneficiary on a life insurance contract.
Yes! The beneficiary on a life insurance policy does not have to be included in a will in order to receive the life insurance benefits.
There is no age restriction for a beneficiary on a life insurance policy.
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
Yes, an insured and a beneficiary have to have an insurable interest to be able to have a life insurance policy. Parents/children are considered to have insurable interest
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.
Life insurance proceeds paid to a beneficiary is not taxable. However, if the life insurance beneficiary is a trust or estate, there may be some tax implications.
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.
In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.
When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.
The owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.
Contact the insurance company for information on how to make your claim and ask if they can supply a copy of the policy.
You can make anyone you want the beneficiary.
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.
If the other parent is the sole beneficiary in the life insurance policy, no. Participate in the probate process and you might walk away with something. So sad that someone's child would sue their grieving parent. Only if there is some record that the deceased parent wanted the child to have part of the money. If nothing...the insurance company gives the money to the person that has been chosen as the beneficiary. That is all they are required by law to do.
who collects the life insurance in a marriage when one spouse dies and theres no beneficiary on file
A life insurance payout is not taxed.
Life insurance with a beneficiary is completely separate from the "estate". If you receive life insurance, it's your. The estate includes bank accounts, homes, cars, etc. not the life insurance
The purchaser of an insurance policy names the beneficiary.
If the life insurance has a named beneficiary then life insurance benefits are not subject to debtors claims. If there is no beneficiary or the "estate" of the deceased is the named beneficiary, then loan companies can come after the estate.
No. You can name who you choose as your beneficiary.
No. You can have anyone you want be the beneficiary. A trust, church, or any person you choose can be your beneficiary.
Yes, You can name any beneficiary you choose.