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.
The policy would default to the Estate. which in most cases the spouse would be the executor of the estate. however, it would have to go through probate court first, so you always want to have a primary beneficiary a life insurance policy.
Generally, the proceeds will be paid to the named beneficiary. However, the survivor should discuss the situation with an attorney.
There is no age restriction for a beneficiary on a life insurance policy.
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 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.
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 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.