Must spouse be beneficiary of life insurance policy?

If an ex-spouse is listed as beneficiary on a life insurance policy does that person remain the beneficiary and receive the money in the state of Georgia?

Generally, yes. A person must be careful to change the name of the beneficiary on their life insurance after a divorce of death of the named beneficiary. You should consult with the attorney who represented the decedent in the divorce to determine the law in your state and whether the divorce decree extinguished the ex-spouse as the beneficiary.

How do you find out who the beneficiary is on a life insurance policy?

You can typically find out who the beneficiary is on a life insurance policy by checking the policy documents or contacting the insurance company directly. The beneficiary information is usually listed on the policy itself, in the beneficiary designation form, or in the insurer's records.

Does Georgia law mandate that your spouse must be beneficiary on your life insurance unless a release is signed?

No, the only requirement is that the beneficiary have "insurable interest".

Is there a state law that says a spouse has priority over other beneficiaries on a life insurance policy?

Life insurance is a contract between the insurance company and the insured. I have never encountered any laws that allow a spouse to take priority over the beneficiaries designated by the insured. Many companies have rules that if the wife is not designated as the beneficiary on the company provided life insurance, the spouse must sign off on the policy before it will be issued.

Can a life insurance agent sell insurance to his spouse?

In general he can. The fact that they are married does not, in itself, prevent the transaction. The agent can also be named as the beneficiary. The spouse has an "insurable interest" in the life of the other spouse due to "love and affection". It is important, though, that the insured spouse change the beneficiary in the event of divorce, unless he/she wishes the ex to nonetheless get the proceeds. This is because in general, an insurable interest must exist only at the inception of the policy.

Must spouse be beneficiary on life insurance in Texas?

No, but whoever you list they have to have an insurable interest such as another family member.

Choosing the Right Life Insurance Beneficiaries?

Life insurance is often purchased on the advice of an attorney when writing your will and planning your estate. When you purchase a life insurance policy, you need to name someone as the beneficiary of the policy in the event of your death. The beneficiary of a life insurance policy is the person who receives the insurance money after the death of the insured person. Anyone can be named as the primary beneficiary of your life insurance policy. In most cases, the person you choose will be your spouse. If you live in a community property state, laws in those states require you to name your spouse as beneficiary unless he or she has given you written permission to name someone else. You can also name a contingent beneficiary that would receive the proceeds of your life insurance if your primary beneficiary is deceased. You can also name two or more people as your primary beneficiaries. For example, if you have no spouse or children, you may choose two siblings to share the proceeds of the policy. In this case, specify the percentage of the proceeds that each sibling gets, i.e. fifty percent each, instead of an exact dollar figure. If you have minor children, your main reason for purchasing a life insurance policy may be to provide for their care until they reach adulthood. You and your spouse need to name a guardian for your children in your will, especially in the event that you both die at the same time. The beneficiary of your life insurance policy in this case could be the named guardian or a trust fund set up to hold the policy benefits. If you are a single parent, these decisions are critical to your children's future. You should avoid naming your estate as beneficiary since all assets in your estate must be distributed to the appropriate heirs by a probate court. Probate court proceedings can significantly delay payment of benefits to your loved ones. If a specific person has been named as the beneficiary, the proceeds are paid directly to that person and are not subject to the probate court. After you are satisfied with your beneficiary designation, you should periodically review your estate plan and will. You can easily revise the beneficiary to your life insurance policy when changes occur in your life.

What is the beneficiary position on a life insurance policy of someone who is dying?

The beneficiary position is that they will receive the proceeds of the life insurance policy after the death of the insured. Until the death they have no other "position". After the death they must file a claim by contacting the company and following their instructions.

Can you get insurance if your not the homeowner?

Yes, It is possible to purchase insurance on behalf of the owner. The Homeowners insurance policy must be in compliance with local law. The legal owner must be the beneficiary and must be listed as the loss payee for the insurance contract to be valid.

Life insurance part of 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

When a homeowner dies is the house still covered or do you have to get new coverage?

Any time the owner of an insurance policy dies, a new policy must be issued. The owner/beneficiary must have a vested financial interest in the potential loss. Otherwise you could take out a policy on your neighbor's life or home. In the case of marital property, the surviving spouse usually only needs to have the title of the policy changed if her or she was a co-owner of both the insured property and the insurance policy.

Can you claim a life insurance policy on your exhusband?

I don't really understand the question. I assume you mean can you take out a life insurance policy on your husband? The person who is being insured must answer the underwriting questions on the application in person and must sign the application and be witnessed by a third unrelated person. Normally the agent is the witness. An important fact is the owner of the policy. The owner is the person who has complete control of the policy after it is issued. Only the owner can change the address, change the beneficiary, etc. Most of the time the owner is the insured but not always. The beneficiary must have an "insurable interest" at the time the policy is taken out. For instance if a husband is insured and the owner of a life insurance policy. He can make his wife the beneficiary but if they divorce he and only he can change the beneficiary and no notice has to be sent to the former beneficiary.