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Life Insurance

Who gets money when a contingent trust that was never created is only named beneficiary of life insurance policy?

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2005-12-08 04:20:34
2005-12-08 04:20:34

it will go to probate and the courts will have a long list of things for you to do before any money is awarded.

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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.

Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state. It depends on whether the beneficiary predeceased the insured. If the beneficiary died before the insured then the proceeds go the the contingent beneficiary. If there is not a contingent, check the contract, it probably is paid to the Owner of the Estate of the Insured. If the Beneficiary died after the Insured, the proceeds go to the Beneficiary's Estate. It is important to have a contingent beneficiary specified in your life insurance policy. This way, if the beneficiary passes away, the contingent beneficiary will benefit. If there is no contingent beneficiary, and the beneficiary has deceased, the proceeds of the life insurance policy, go to the estate and is distributed according to the Will.

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.

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

A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.

If your wife dies and she has an insurance policy with someone other than you as a beneficiary, then chances are the contingent beneficiary will receive the life insurance payment. Naming at least one contingent beneficiary on a life insurance policy will help ensure that the insurance benefits are not tied up in courts. If you don't name a contingent beneficiary, a line of descendants may be followed, depending on your state or country. You should probably speak with a life insurance agent to get answers to your specific question as it pertains to your country and state.

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.

Yes. You should also name a contingent beneficiary in case the primary beneficiary predeceases you.

Yes, you can have multiple primary beneficiaries, and contingent beneficiaries.

It is the person you are naming that has the power of attorney that can be the contingent beneficiary. You would be better to create a trust and make the trust the beneficiary

This all depends on who took out the life insurance policy and who was named as the primary beneficiary at the time. The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father and/or mother. If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary. If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's estate. Please consult with a qualified attorney, to determine guardianship of the child's estate. Ask the insurance agent and a lawyer for a free consult to be sure.

The life insurance proceeds must enter the estate, The Executor of the estate will then determine how, when and to whom it should be dispersed.

The proceeds of a life insurance policy become part of the deceased's estate under limited circumstances: 1. If the named beneficiary on the policy is the estate of the insured; 2. If the named beneficiary and any contingent beneficiary(ies) predecease the insured or otherwise relinquish their interest in the proceeds.

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.

Yes, there is no bar in the insured person being beneficiary on another insurance policy.

The death benefit would go to the Estate of the insured. This would create a taxable event and would be part of the estate probate. In some cases as with Fraternal Companies, the death benefit would be paid to the decedents of the beneficiary.

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

if someone died and left an insurance policy and named me beneficiary how can i find out

Beneficiary = benefits from Benefits from the execution of a will / payout from an insurance policy etc.

The company or agent can provide with a claim package, and the benefit will be paid to the estate unless there is a contingent beneficiary specified in the life policy.

Yes, if the owner of the policy does not file a change of beneficiary the insurance will have to pay the proceeds to the person who is named on the policy.


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