Life Insurance

What is the law concerning a beneficiary of a life insurance policy?


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2012-05-26 23:38:32
2012-05-26 23:38:32

A life insurance policy for my father included his 3 children one is deseaced does the deseased child children then become heirs?

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There is no age restriction for a beneficiary on a life insurance policy.

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 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.

The Insured can change the beneficiary on a life insurance contract.

Yes! The beneficiary on a life insurance policy does not have to be included in a will in order to receive the life insurance benefits.

You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.

No, only the policy owner (usually the insured) can decide who the beneficiary is on a life insurance policy. Life insurance has nothing to do with a will or estate distribution after someone's death. That's why it is imperative to keep the beneficiary section updated constantly based on the life changes; too many people who get divorced forget to update their life insurance beneficiary on the policy and benefit may go to the ex-spouse. Life insurance companies are bound by the contract that is the life insurance policy to only pay the beneficiary specified on the policy. If all beneficiaries specified on the policy are deceased, then the benefit will be paid to insured's estate.

If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.

No, the beneficiary of a life insurance cannot be changed by the executor unless he's the owner of the policy. The proceeds of a life insurance policy, unless the benefciary of the policy is the estate, are not subject to any conditions of the will. It is outside of probate.

If no beneficiary is listed on a life insurance policy then the benefits are payable to the insured's estate. The beneficiary can be changed at any time prior to the death of the insured if this is the person's desire.

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, You can name any beneficiary you choose.

who collects the life insurance in a marriage when one spouse dies and theres no beneficiary on file

The life insurance policy is a contract. A judge can not determine "intent". Whoever is the named beneficiary is the beneficiary by contract.

Contact the insurance company and request a change of beneficiary form. They will mail the form to the policy owner. You fill it out and mail it back to the insurance company so they can update your life insurance policy.

Yes, all life insurance companies allow the policy owner to name more than one beneficiary at any time.

If he is showing as the beneficiary on your policy - yes. You can call the insurance company or your agent to change the beneficiary.

No only the owner of the policy can change the beneficiary.

The girlfriend has the beneficiary wife wants to be the beneficiary

Basically you can sell your life insurance policy to a life settlement company in exchange for a lump sum payment.

In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.

If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.

If he put you in as the beneficiary, then Yes. Look at the policy and find where it says beneficiary to make sure.

In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.

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