If the individual is the beneficiary then clearly he was place as beneficiary with legal documents at some point. The only way around this contractual agreement is if signatures were forged which would nullify the contract.
Not if they found out.
Yes. If there is a contingent beneficiary, the insurance company will need proof that the primary predeceased the principal in order to pay the contingent beneficiary. If there was no contingent beneficiary named the insurance company will pay the proceeds to the principal's estate.
Some health insurance plans offer a AD&D Life Insurance Policy. That is why you would name a beneficiary for a health insurance company.
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.
If he is showing as the beneficiary on your policy - yes. You can call the insurance company or your agent to change the beneficiary.
You should contact the legal department of the insurance company and ask for its advice. The company may initiate a search for the beneficiary with the resources at its disposal.
No, They are two separate legal documents with entirely different purposes. An insurance policy is a contract between the insured and the Insurance company. The insurance company is bound by the contract to pay the beneficiary designated by the insured policy owner. Life insurance proceeds are for the designated beneficiary. Heirs in a will are designated inheritance of estate by the will. A will is not a contract, it is a document of assignment.
When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.
Insurance companies will not pay if the beneficiary is convicted of the homicide. Most insurance companies will pay the beneficiary if that person was not involved and the policy does not exclude homicide as the cause of death.
You may need to be appointed the fiduciary of his estate because the proceeds will be paid to the estate. You should contact the insurance company for their policy regarding a situation such as yours.
Get StartedAs the owner of an insurance policy, you may want to make changes to your beneficiaries. Usually the insurance policy, an insurance company rule, or a state law requires that certain formalities be observed to effectuate the change of a beneficiary. For example, an insurance company may require that an owner use a company form to change a beneficiary. An owner may also be required to enclose the actual insurance policy with the letter requesting a change of beneficiary. You should consult your insurance agent to determine whether such formalities apply to you.A letter to an insurance company regarding a change of beneficiary should include the following information:Policy NumberInsured's NameOwner's NameName of the Primary Beneficiary (This can be either a proper name, like Jane Davis, or a categorical designation, like "my children.")Name of the Contingent Beneficiary (This can be either a proper name or a categorical designation.)
Unless you were ordered by the court, as part of the divorce settlement, to keep your ex-husband as the beneficiary on your life insurance then you can make a change in the beneficiary with your insurance company.