Life Insurance

When can a minor child receive money from a deceased parents life insurance policy?


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2010-02-06 06:56:33
2010-02-06 06:56:33

No, the insurance company will hold the money and will pay interest on proceeds until the child is of majority age in the state where the children were born.

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An insurance policy and a will are two separate things. The policy is a contract between the insured and the insurance company. The beneficiary of the insurance policy is spelled out in the contract. The insurance company will pay the insurance proceeds to whoever is listed to receive the proceeds. The proceeds from an insuranc policy can be paid into the estate of the deceased and disbursed according to the terms of the will. The issue is who is listed as being the beneficiary of the insurance policy.

The children or heirs of the deceased will receive the benefits in a situation including a second to die insurance policy. It is also goes by the terms "Dual Life Insurance" and "Survivor-ship Insurance".

There's a site for that; please see link for search "deceased insurance policy search."

You can only collect on the life insurance if you were awarded this at time of divorce. I was awarded the ability to take out a life insurance policy on my ex. as I receive a military retirement which only exists if he is alive. After his death, it would stop, therefore I have the life insurance policy.

If they are named the benificiary of the life insurance policy. If they are not, it goes to the named individuals. If no one has been named, the policy will normally pay the estate and the procedes distributed according to the will or intestacy laws.

In order to ensure that a wife collects her deceased husband's insurance policy, it is beneficial to transfer the beneficiary of the policy while the husband is still alive. If the beneficiary of the policy is also deceased, it would be wise to seek legal help.

Yes, The Heirs can buy the policy or the Estate executor can buy a home insurance policy.

My sister said my mom had life insuranc through met life and her and my dad spent that already and now my dad is deceased and wonder if there is life insurance policy on him.

The policy proceeds will become part of the decedent's 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

Call the insurance company and speak with somebody in the claims department. If your parents had an insurance agent, the agent may also be able to assist in the process.

You can contact the life insurance policy and request the necessary forms that you will need to fill out and send back to the insurance company in order to surrender the policy. You may want to ask how much the cash value is that you will receive from the policy upon surrendering the coverage.

yes, they will see it. I'm on my spouse's insurance policy and I can log online into his insurance and see all details about the claims .

Double indemnity can be added to an insurance policy to allow the insured to receive a higher benefit.

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

You may take out an insurance policy on your parents if you have power of attorney over them.

only if there is no beneficiary named on the policy, or if the beneficiary(ies) deceased before the insured.

The beneficiary of a life insurance policy is not responsible for paying for the deceased's funeral cost using the money from the proceeds of the life insurance policy. The estate of the deceased is responsible for paying for the funeral cost from the proceeds of the estate.

In case of death of the policy holder, with beneficiary already deceased and there is no will, the Insurance Company will pay only to the Legal Heir of the Policy Holder. The death claim will be kept in abeyance till the legal heir proves his legal identity to the satisfaction of the Insurance Company.

Contact the insurance company for information on how to make your claim and ask if they can supply a copy of the policy.

The beneficiaries on your life insurance policy will receive the life insurance benefits. Please make sure your policy is updated with the correct beneficiaries. Many people forget to update their life insurance policy after divorce, or any other major life event and unfortunately the ex-husband or ex-wife receives the benefits. If all the beneficiaries named on the policy are deceased, then the benefit will go to the insured's estate (which may or may not go to the deceased children. The only way to ensure that the benefits are going to the intended person(s), is to update your insurance policy's beneficiaries.

This is not a good idea. You need your own insurance policy. There are coverages you do not have by being on your parents policy. You want to be a "named insured". This means that you control the policy and not your parents. If you want to loan your car to anyone you can, if you are on your parents policy you cannot do this. Also if you need to rent a car, you are not covered under your parents policy to do this. You would be under your own policy. Contact your insurance agent for a better explanation.

i trying to find out if my father who is deceased have a policy

If the wife is not named as a beneficiary then she would have no claim on the policy proceeds.

No, it does not. Life Insurance is a contract between the deceased and the insurance company. Unless the estate has been listed as the beneficiary, the will has no affect on the policy.

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