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.
In most cases, the beneficiary has no specific responsibility to do something with a life insurance payout. However, you should be careful to retain a portion of it to cover taxes that might result because of the income. Additionally, if the recipient of the proceeds gets it on behalf of another person (for example, a parent on behalf of a child), the recipient has a fiduciary duty to hold/use the funds in trust and for the best interests of the intended beneficiary.
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
When the policy holder dies, the money goes to the beneficiary. If the beneficiary then dies, THEIR beneficiary then gets the money.
Generally, that refers to having more insurance that you need. If you have total debt of $50,000, but you have $500,000 worth of life insurance, you have excessive insurance. Yes, it is true that the beneficiary gets to keep the money, but generally, life insurance was intended as a way to pay off your debts after death, not a way to make your heirs rich.
My uncle was beneficiary on his mother's policy and has since passed away leaving no named beneficiary, so do the proceeds get distributed pursuant to the will? Yes Otherwise, check the rules for your state on "intestate" sucession. This situation is why it's a good idea to name a secondary beneficiary. If the primary passes away, the next in line gets the payout.
He is the sole beneficiary of his uncle Ben. If Ben dies then he gets everything!
The life insurance would be the daughter's. The retirement could be affected by state laws regarding the funds and might be able to be designated to a spouse. The father should definitely update his paperwork to reflect the new marriage, even if he leaves the daughter as the beneficiary.
Well, interesting question really - It is not possible for you to take out a life insurance on somebody else's life. Lets imagine that 'A' takes out life insurance but makes 'B' the beneficiary. If 'A' dies 'B' gets the money. 'B' however, cannot take out a life insurance on 'A', the insurance companies wouldn't allow it. Imagine that they did - all the people that you hate and wish dead you could insure and make yourself the beneficiary of the insurance pay-out. There are enough nutters out there who would do it given the chance so the answer is succinctly 'NO'. Also, it IS possible to find out if your life is insured because data is shared between insurers to prevent fraud. Any one of them could either tell you or tell you who could.
IT DEPENDS WHO IS ON THE POLICY AT THE TIME OF DEATH. IF HIS SON IS ON THERE THEN HIS SON GETS THE MONEY
The insurance beneits will go to the person(s) your father named as beneficiary(ies) when he purchased the policy, if any benefits are distributed at all. Some insurance will not pay benefits on suicide.
Not to be vague, but anybody or anything that is named as the beneficiary will receive the life insurance proceeds. This could be a person, a trust, a charity, or an institution. Typically, the money from a joint life insurance policy is intended to cover estate taxes, but doesn't have to be used for that purpose.
it will go to probate and the courts will have a long list of things for you to do before any money is awarded.
Lender or Beneficiary
It depends on the Will and the laws in your jurisdiction if there is no Will.