If the mortgage is in your name it would not be affected by the death of your spouse. Mortgage life insurance is coverage that is taken out so that your house would be paid for in the event of your death.
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 one can buy life insurance for his or her spouse because he or she has insurable interest in the spouse. One would not like to see his or her spouse die so there is no moral hazard involved.
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.
life insurance payouts
In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.
Spouse gets 100% unless noted in will
Whether or not a surviving spouse is entitiled to any life insurance proceeds DEPENDS on the fact that most, if not all, policies must be paid to the named beneficiaries in the insurance policy records.
Joint credit life insurance is money paid to you or your spouse if either of your are ever arrested on drug charges.
who collects the life insurance in a marriage when one spouse dies and theres no beneficiary on file
Life insurance is a necessity if you have a spouse and/or children that rely on you for their subsistence. If you have no dependents it is not necessary to create a windfall for someone else.
No if there is a surviving spouse and the children are grown
The average amount of life insurance can vary for your spouse based on several factors, including gender of your spouse, their age and health, the cost of life insurance, as well as other factors. In 2002, the average new individual life insurance policy was $129,459. Source: American Council of Life Insurers The amount you need for life insurance for your spouse may vary depending on the value your spouse provides, do they work and earn an income? If they are a stay-at-home spouse, what work around the home do they take care of that you would have to pay for if they were no longer there? Do they take care of the kids, wash clothes, clean the house, run errands, etc? It may cost quite a bit to replace all the work a stay-at-home spouse performs on a regular basis. You may want to use a life insurance calculator to help you in determining your life insurance needs for your spouse. There's a good calculator available at http://swz.salary.com/momsalarywizard/layoutscripts/mswl_newsearch.asp that provides a way of determining what mom's work at home is worth. They also have one for stay-at-home dads, too.
how do i find out if tom rowntree had life insurance
In Texas, the suriving spouse has a life estate and does not have to sell.
how do i get a copy of my husbands life insurance from global insurance
If the life insurance policy had listed as the beneficiary the spouse only then it is not considered part of the estate and is not subject to claims. If the beneficiary is the estate then it is subject to claims. The only problem with the spouse being the only beneficiary is if she was a party to the claims personally then perhaps she and the proceeds from the life insurance could be subject to these claims.
An insurable interest is any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially. For example, you cannot buy insurance on someone else's house. Unless you own the house, you would not suffer a financial loss if it burned down. However, if you depend on your spouse's income to live, then you have an insurable interest in your spouse and can buy insurance on his or her life.
I haven't see that feature, but ask your agent.
No. If it was an accidental overdose, maybe.
No, you get to choose.
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.
Life Insurance benefits are usually not subject to taxes. It is a benefit, not a gift or income.