0
In general, any living or de jure entity can be a beneficiary of a life insurance policy. However, if a minor is to be the beneficiary, the beneficiary designation is generally phrased in terms of the proceeds being paid in trust to someone else for the benefit of the minor until he/she reached legal age.
If the insured initiates the insurance transaction there are generally few problems. However, if the beneficiary attempts to place insurance on the life of someone else and name him/herself as the beneficiary, questions may arise, including as to insurable interest. That is, in order for someone to insure another's life, he/she must have a "stake" in that person's continued life--otherwise, it is essentially a wagering contract which can be avoided by the insurer. The "stake" that has to exist can be financial, legal, "love and affection", but must exist in a legally recognizable form.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can you have a secondary beneficiary on your life insurance?
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.
Who is the beneficiary for your life insurance?
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.
Who can legally change the beneficiary on a life insurance policy?
The Insured can change the beneficiary on a life insurance contract.
How old does a beneficiary have to be for to receive payment from a life insurance policy?
at what age can a minor be insured in NY state for life insurance
Can a Will override the beneficiary on a life insurance policy?
No.
Are you a beneficiary of a life insurance policy?
yes
If you purchase life insurance policy on your adult child naming myself as beneficiary can adult child change beneficiary?
The purchaser of an insurance policy names the beneficiary.
Does a beneficiary on a life insurance prevail over a will request?
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.
If you are not listed as a beneficiary on your fathers life insurance policy are you entitled to anything?
You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.
There is no beneficiary on my mother's life insurance policy?
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.
Can the beneficiary on a life insurance policy be changed by the executor?
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.
Can anyone contest a life insurance if you are not listed as a beneficiary?
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.
