No state law will require whom the beneficiary is on a life insurance policy. This is up to the owner of the policy. it may be changed by the owner of the policy if they choose to do so as well. Remember that the owner and the insured is usually the same person but they don't have to be. Such as with a minor child. A parent would want to be the owner of the policy while the child is the insured. This is the same with any policy. The owner has ultimate control over the policy and is the only one who can make changes or cancel the policy. The insured has no say after the policy is issued to do anything with it.
Yes: Your spouse/children can be included on your insurance policy regardless of who was/if there was a cosigner on the car.
This depends on the policy. The best thing to do is to call the life insurance agent to ask about the specific policy in question.
They split it evenly unless the insurance policy specifies that the proceeds are to be divided among several beneficiaries in some other way. Sometimes a policy can be payable to a spouse and children, with the spouse getting one size share and the children dividing the rest among themselves. The owner of the policy has the right to specify who gets how much.
Life Insurance benefits are usually not subject to taxes. It is a benefit, not a gift or income.
You ask him or her! The reality is that she can not take out a life policy on you unless you have signed an application for said insurance at some point. If she took one out on you and forged your signature that would be insurance fraud. 4lifeguild In order for someone to take out life insurance on another person, the signature of that person is required. No one can take out a policy on a person unknowingly unless they commit the felony act of forgery. If you even suspect your spouse is involved with something like that, you should be looking into othe rliving arrangements.
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.
Yes, the policy owner can change the beneficiary. Sometimes, the person insured and the policy owner are not the same person, if someone else pays the premium for the insurance policy. For example, a parent or guardian taking an insurance policy on spouse or children. Some insurance policies are assigned to cover bank loans, and even if the insured may pay the premium, the bank can be assigned as the owner of the policy; in that case the bank decides who the beneficiary is going to be (usually in this scenario, the bank will also be the beneficiary).
If you have insurance through your employer, and you are the policy holder,(the insurance is in your name) this insurance will be primary for you, and your spouses insurance policy will be secondary. The insurance policy thru your spouse's employer, (your spouse is the policy holder, or the insurance is in their name), this would be primary for your spouse, and your policy would be their secondary. Here's the phamplet from Medicare http://www.medicare.gov/Publications/Pubs/pdf/02179.pdf
When the policy holder dies, the money goes to the beneficiary. If the beneficiary then dies, THEIR beneficiary then gets the money.
No
Your spouse can get a separate policy (usually cheaper) or you can contact your insurance company to get the right paperwork for adding your spouse. Adding your spouse as a beneficiary, your agent can help.
You can name anyone as beneficiary.
No. Added: If it is an automobile policy or a 'blanket' policy that you intend to insure it with, yes, it will have to be listed. If the policy you refer to covers ONLY your vehicle, and no other, then no.
In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.
If your spouse has no drivers license and does not drive, then no, you don't have to include them on your auto insurance policy. Actually, they have to have a drivers license before they can be added to the policy.
Yes, a spouse can cash out their own life insurance policy in most cases. There may be some restrictions within the initial policy so this is an individual case basis.
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.