If your wife dies and she has an insurance policy with someone other than you as a beneficiary, then chances are the contingent beneficiary will receive the life insurance payment.
Naming at least one contingent beneficiary on a life insurance policy will help ensure that the insurance benefits are not tied up in courts.
If you don't name a contingent beneficiary, a line of descendants may be followed, depending on your state or country.
You should probably speak with a life insurance agent to get answers to your specific question as it pertains to your country and state.
Goes to the beneficiaries heir's or estate.
If the beneficiary of a policy has died, the estate of the beneficiary can still collect the insurance payment, assuming that the beneficiary does have an heir or heirs of some kind (as most people do). Note that this is a fairly unusual situation, because normally when a beneficiary dies, a new beneficiary is named. There is no reason to allow the policy to have no living beneficiary, unless the insured and the beneficiary happen to die at about the same time, and there is no time to name a new beneficiary.
In that case, the money will be kept deposited with the insurance company as unclaimed amount. In absence of the beneficiary, the insurance company can pay the money to the legal heir of the policy holder, but that has to be sufficiently proved in the Court of Law.
The language of the insurance contract can't be altered by the will. If an insured passes away the benefits will go to the listed beneficiary regardless of what the will states. If there is no listed beneficiary (if they pre-deceased the insured for example) then the benefits would be paid into the deceased's estate and would be paid to whoever is named in the will. Please note that this then makes the otherwise tax free death benefit of the life insurance policy subject to estate taxes and would also be subject to the delay and expense of probate.
Kacey is the beneficiary of her mom's life insurance policy since she's the only child, and she is the heir of her mom's house.
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.
The person who is the legal heir to the person who owned the mutual fund has the right to claim the fund sale proceeds. The person should show proof that he/she is the legal heir of the deceased fund owner in order to claim the proceeds. If the primary beneficiary is alive, the legal heir cannot claim the amount.
It's a very delicate question. In my opinion, Insurance Company will pay the next legal heir and waiting for the primary beneficiary to come out from jail is impractical. Contingent payment is the total discretion of the Insurance Company.
Whomever files to be the executor. The estate can be opened by any heir or beneficiary, or even a debtor.
heir or beneficiary
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.
Nominee stated in the policy or the legal heir if no nominee is mentioned.