Normally, when one buys an insurance policy a primary beneficiary is designated, as is a "contingent" beneficiary. The latter is second in line to get the proceeds if the primary beneficiary predeceases the insured and the insured does not name a new primary beneficiary. Another circumstance for the contingent beneficiary to get the proceeds is when the primary beneficiary cannot be found.
The beneficiary designation(s) on the policy may also provide in addition to, or instead of, a contingent beneficiary that the proceeds get paid to the estate of the deceased insured. If that is the case, the proceeds become a part of the cash assets of the estate and are distributed to heirs in accordance with the Will. If there is no Will, the estate is distributed according to the laws of descent and distribution of the state in which the insured died.
If none of the foregoing applies, and after having made a diligent search for the beneficiary(ies), the insurer pays the proceeds to the unclaimed property authorities of the state in which the insured last lived. This is a government agency, or bureau within an agency, and is often annexed to a department of insurance or the chief financial officer of the state. There exists a national organization of unclaimed property offices.
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 the beneficiary on file gets the payment
Property insurance - If your property is damaged the insurance will pay for this to be repaired. Life insurance - If you die then your estate (or the named beneficiary) gets a payout to the value of the insurance.
The person named as the beneficiary on the policy, or on file within the records of the insurance company. James V. Medici, CLU,CLTC Charlotte, NC
The named beneficiary on the life insurance policy gets it. It is a contract and specifies who gets paid, usually it will be the spouse.
If she is the beneficiary, then she must make that decision.
The ex wife is not entitled to the life insurance money unless she was listed as a beneficiary in the policy. Check with the insurance company to find out who the named beneficiary(ies) is and that is who gets the money contractually!
When a person gets a life insurance policy, they choose a beneficiary who will receive the moneys that are assured. The beneficiary only sees that money, though, if you die pursuant to the terms and conditions of the agreement (i.e. suicide typically does not lead to payout).
When a person gets a divorce, they may want to make sure that beneficiary and ownership info on life insurance is as they would like it. A lawyer may be of further help.
"The person who receives the benefits", most commonly used in insurance policies for the person who gets the money if the policy must be paid out.
Only the beneficiary has claim to the life insurance. They were put as the beneficiary for a reason. I would see if there is a will which states who gets what. Most people leave it to one person(whome they trust completely), then leave it up to that person to designate who gets what. More than likely, once the funeral is paid for as well as the debt the deceased might have left, there might be nothing left.
Who was insured? The bottom line is whoever was named as beneficiary gets the benefit. If they have deceased and there is no named beneficiary then it would go to the estate. Some companies may pay it to the lineage. 4LifeGuild