by phbrandt » Wed May 27, 2009 05:09 pm
My wife and I are already divorced. She has not re-married, neither has I.
We are in our late 50s. We are on good terms. I want to add her to my life insurance policy as a beneficiary. What information would I need from ex wife, so I can add my ex-wife as beneficiary?
We are in our late 50s. We are on good terms. I want to add her to my life insurance policy as a beneficiary. What information would I need from ex wife, so I can add my ex-wife as beneficiary?
Posted: Sat May 30, 2009 12:32 pm Post Subject:
the 'advice' you are giving me, pertaining to a SGLI, is completely incorrect. HELL NO...I wouldn't trust you.
Actually, let's not make this about me. If the advice that I'm giving you is incorrect, so is the advice that EVERYONE on this board is giving to you since EVERYONE other than you agrees that I'm correct. Additionally, the SGLI website that Pickles linked to, is also showing that we are correct and you are wrong.
HUH??????!!!!!! OF COURSE, you would make your Beneficiary someone you trust. Why wouldn't you?
I've tried explaining this several times, but you don't seem to have the brainpower to understand it. It's not just about trust. The tax laws and other legal issues make it a very stupid idea to give the money to someone you trust instead of setting up a trust for the person that should be the ultimate recipient.
When you give your friend $500,000 to give to your kid, you are negatively impacting your friend, but you don't have the brain power to understand this. IT'S NOT ABOUT TRUST!!!
Your SGLI policy will absolutely accept the beneficiary designation "trustee under the will of SDCharger". This will allow your friend whom you trust to handle the money for your son without her being negatively impacted.
It's critical that if your son is going to get the money that someone else doesn't own it before it becomes his.
Posted: Sun May 31, 2009 06:45 pm Post Subject: INSURANCE
............AND, again, I'll say..............according to 'guidleines' of the SGLI, since my son is a Minor, he needs to be 'Secondary' on my Life Insurance until he becomes 18 years of age. I sure would NOT want someone I COULD NOT trust on my policy, as 'Primary' Beneficary.
Posted: Sun May 31, 2009 08:10 pm Post Subject:
............AND, again, I'll say..............according to 'guidleines' of the SGLI, since my son is a Minor, he needs to be 'Secondary' on my Life Insurance until he becomes 18 years of age. I sure would NOT want someone I COULD NOT trust on my policy, as 'Primary' Beneficary.
That is a grossly inaccurate misinterpretation on your part.
Let me explain. The rule is that a minor can't be a primary beneficiary.
SDCharger's incorrect interpretation: "The minor needs to be the secondary beneficiary." "Can't be Primary" is not synonymous with "must be secondary".
Correct interpretation: "Because the primary beneficiary can't be a minor, the primary beneficiary must be a trust that is set up for the benefit of the minor."
SDCharger, maybe you can answer a couple of questions for me because I can't figure out an answer.
1) Why would you set something up that depends on trust instead of a legal responsibility to act in a certain way? In other words, why are you having the money go directly to your friend instead of having your friend be responsible for the money? Or to put it even another way, why are you making it so that your friend has free reign over the money instead of having a legal responsibility towards your son?
2) If the money is going to go directly to your friend, how is she going give the money to your son without negative consequences? Some of these negative consequences can include gift tax issues, financial aid issues for her own kids, divorce issues for her, lawsuits, change of mind, etc.
Posted: Sun May 31, 2009 08:50 pm Post Subject: insurance
That is a grossly inaccurate misinterpretation on your part.
Yeah..ok. I'll let the Military know.Posted: Sun May 31, 2009 08:53 pm Post Subject:
The rule is that a minor can't be a primary beneficiary
Ya FINALLY 'got it'. Good for you!!!Posted: Mon Jun 01, 2009 12:24 am Post Subject:
If you attempt to answer my questions, you will quickly learn for yourself that you are screwing your son, your friend, or both. The problem is that you are too stubborn (or stupid) to realize this.
1) Why would you set something up that depends on trust instead of a legal responsibility to act in a certain way? In other words, why are you having the money go directly to your friend instead of having your friend be responsible for the money? Or to put it even another way, why are you making it so that your friend has free reign over the money instead of having a legal responsibility towards your son?
2) If the money is going to go directly to your friend, how is she going give the money to your son without negative consequences? Some of these negative consequences can include gift tax issues, financial aid issues for her own kids, divorce issues for her, lawsuits, change of mind, etc.
Posted: Mon Jun 01, 2009 06:32 am Post Subject:
The rule is that a minor can't be a primary beneficiary
Please link us to the site SD where the information regarding a minor being the secondary beneficiary is posted, since we all would be interested in knowing if the military life policy has different wording then the life insurance plans available in the market.
I think when Expert has posted the above statement he has also explained it quite clearly as well.
~Jeremy
Posted: Mon Jun 01, 2009 02:48 pm Post Subject: insurance
We are on good terms. I want to add her to my life insurance policy as a beneficiary.
I wanted to add that, BECAUSE you are on "good terms" with your EX, this would really 'benefit' the kids as well. ..you wouldn't be putting the children in the 'middle' when it came down to the money. :DPosted: Mon Jun 01, 2009 02:53 pm Post Subject: insurance
Please link us to the site SD where the information regarding a minor being the secondary beneficiary is posted,
I ALREADY gave information, on that, in a recent post ( the Military base and the department you would ask for, for SGLI information).Posted: Mon Jun 01, 2009 03:21 pm Post Subject:
SDCHARGERSFAN...LISTEN UP!
Because I knew you wouldn't do your research...I did it for you.
YOU NEED TO CALL OSGLI!!! Which I'm sure you realize is the Office of Servicemembers' Group Life Insurance. Here's there number (800) 419-1473. You can also email Prudential's division that deals solely with OSGLI!
I spoke with them, and they said you have been confused and probably given advice from a clerk or local employee that is not licensed or authorized to give such advice. In fact, when I explained the situation they were very interested in finding out exactly who gave you such advice.
Servicemembers should contact their Personnel Office ONLY for changes to basic or family coverage. The clerks will put in the information as you direct them...they are not trained and are not licensed.
Servicemembers should contact their Payroll / Finance Office for premium payment information and refund. These staff are also not licensed or trained to advise on individual scenarios.
Here is the handbook you should check out (published on their website of course). Pay attention to chapter 6.
Servicemembers' and Veterans' Group Life Insurance Handbook
Supervised by the Secretary of Veterans Affairs
Veterans Benefits Administration
Washington, DC 20420
H-29-98-1
November 2002
Revised: March 2007
TABLE OF CONTENTS
CHAPTER 1. General Provisions
CHAPTER 2. Termination of Insurance
CHAPTER 3. Reduction or Cancellation of Insurance
CHAPTER 4. Restoration and Request for Coverage
CHAPTER 5. Accelerated Benefits Option
CHAPTER 6. Beneficiaries
CHAPTER 7. Election of Method of Payment for Proceeds
CHAPTER 8. Death Claims
CHAPTER 9. Beneficiary Financial Counseling Services
CHAPTER 10. Family Coverage
CHAPTER 11. Traumatic Injury Coverage
CHAPTER 12. Veterans' Group Life Insurance
CHAPTER 13. Miscellaneous
CHAPTER 14. Records and Forms
APPENDIX A: SGLI and VGLI Forms
APPENDIX B: Addresses for Branch of Service Casualty Offices
APPENDIX C: Premium Rate Tables for VGLI
APPENDIX D: Premium Rate Tables for Spousal Coverage
APPENDIX E: Premium Rates for SGLI and Traumatic Injury Coverage
APPENDIX F: Conditions Excluded from TSGLI Coverage
http://www.insurance.va.gov/sglisite/handbook/handbook.htm
NOTE: A contingent beneficiary is a person or persons designated to receive the insurance proceeds if the principal beneficiaries die before the insured dies.
b. When a member is likely to be survived by dependents or parents and designates some other person or entity as beneficiary, a responsible representative of the uniformed service should advise the member to submit a signed memorandum indicating that the member understands the designation is unusual and that the person named by the member as the beneficiary is the person he or she intends to receive the proceeds.
b. If the beneficiary is a child, the insurance proceeds will be paid to the child's guardian.
I'm Done!
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