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No, but whoever you list they have to have an insurable interest such as another family member.
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Does Georgia law mandate that your spouse must be beneficiary on your life insurance unless a release is signed?
No, the only requirement is that the beneficiary have "insurable interest".
Must spouse be beneficiary of life insurance policy?
No, in most cases you can name whoever you would like as your beneficiary. However, as part of some divorce proceedings a court will require that your ex-spouse remain a beneficiary as part of a alimony/palimony agreement.
If an ex-spouse is listed as beneficiary on a life insurance policy does that person remain the beneficiary and receive the money in the state of Georgia?
Generally, yes. A person must be careful to change the name of the beneficiary on their life insurance after a divorce of death of the named beneficiary. You should consult with the attorney who represented the decedent in the divorce to determine the law in your state and whether the divorce decree extinguished the ex-spouse as the beneficiary.
Can a life insurance agent sell insurance to his spouse?
In general he can. The fact that they are married does not, in itself, prevent the transaction. The agent can also be named as the beneficiary. The spouse has an "insurable interest" in the life of the other spouse due to "love and affection". It is important, though, that the insured spouse change the beneficiary in the event of divorce, unless he/she wishes the ex to nonetheless get the proceeds. This is because in general, an insurable interest must exist only at the inception of the policy.
Is there a state law that says a spouse has priority over other beneficiaries on a life insurance policy?
Life insurance is a contract between the insurance company and the insured. I have never encountered any laws that allow a spouse to take priority over the beneficiaries designated by the insured. Many companies have rules that if the wife is not designated as the beneficiary on the company provided life insurance, the spouse must sign off on the policy before it will be issued.
Does your spouse have to be your beneficiary for long term disability?
Since IRA accounts are not governed by ERISA law as are 401(k) plans and other qualified retirement plans (such as 403(b) and others), the spouse is not required to be the default beneficiary. For those plans governed by ERISA, a spouse must either be the beneficiary of the plan or must have authorized any other beneficiary designation. IRAs (both traditional and Roth IRAs) do not have this restriction: you can name anyone you wish as the beneficiary of your IRA account.
How do you find out who the beneficiary is on a life insurance policy?
You can typically find out who the beneficiary is on a life insurance policy by checking the policy documents or contacting the insurance company directly. The beneficiary information is usually listed on the policy itself, in the beneficiary designation form, or in the insurer's records.
What if there is no surviving spouse who would the life insurance go to?
In the event that there is no surviving spouse, the death benefit would go to the contingent beneficiary. The contingent beneficiary is best described as "the runner up". This person should have been listed when the application for insurance was submitted. If for any reason this is not the case, the death benefit would then be subject to probate. You must also remember that people are human and do make mistakes and may have not listed your beneficiaries correctly. If that is the case the contingency beneficiary is the person named in you policy (which is the binding contract that the insurance company must legally be bound to). To be sure of what is true for your exact case get a free analysis from a team of professionals, just so there is no surprises. E-mail (freeinsuranceanalysis@yahoo.com).
Can you get insurance if your not the homeowner?
Yes, It is possible to purchase insurance on behalf of the owner. The Homeowners insurance policy must be in compliance with local law. The legal owner must be the beneficiary and must be listed as the loss payee for the insurance contract to be valid.
If the beneficiary of a life insurance died before the policy holder and there was no contingent beneficiary does the life insurance go the next of kin or to the estate?
The life insurance proceeds must enter the estate, The Executor of the estate will then determine how, when and to whom it should be dispersed.
Life insurance part of estate?
Life Insurance and EstatesNO, not if the named beneficiary is not deceased. The proceeds of a life insurance policy belong to the named beneficiary not to the deceased. It should not under any circumstances be included in the estate of a deceased or the probate process. If no beneficiary is named or if all beneficiaries are deceased then their is no alternative. When their is no named beneficiary then the value of the life insurance policy reverts to the insured and must then be included as part of the deceased estate
Choosing the Right Life Insurance Beneficiaries?
Life insurance is often purchased on the advice of an attorney when writing your will and planning your estate. When you purchase a life insurance policy, you need to name someone as the beneficiary of the policy in the event of your death. The beneficiary of a life insurance policy is the person who receives the insurance money after the death of the insured person. Anyone can be named as the primary beneficiary of your life insurance policy. In most cases, the person you choose will be your spouse. If you live in a community property state, laws in those states require you to name your spouse as beneficiary unless he or she has given you written permission to name someone else. You can also name a contingent beneficiary that would receive the proceeds of your life insurance if your primary beneficiary is deceased. You can also name two or more people as your primary beneficiaries. For example, if you have no spouse or children, you may choose two siblings to share the proceeds of the policy. In this case, specify the percentage of the proceeds that each sibling gets, i.e. fifty percent each, instead of an exact dollar figure. If you have minor children, your main reason for purchasing a life insurance policy may be to provide for their care until they reach adulthood. You and your spouse need to name a guardian for your children in your will, especially in the event that you both die at the same time. The beneficiary of your life insurance policy in this case could be the named guardian or a trust fund set up to hold the policy benefits. If you are a single parent, these decisions are critical to your children's future. You should avoid naming your estate as beneficiary since all assets in your estate must be distributed to the appropriate heirs by a probate court. Probate court proceedings can significantly delay payment of benefits to your loved ones. If a specific person has been named as the beneficiary, the proceeds are paid directly to that person and are not subject to the probate court. After you are satisfied with your beneficiary designation, you should periodically review your estate plan and will. You can easily revise the beneficiary to your life insurance policy when changes occur in your life.
