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: Tue Jun 02, 2009 04:33 am Post Subject:
Excellent information Chris, but I'm sure that SD wouldn't listen to it even this time as well. But this would certainly help many in clarifying their confusions regarding the designation of beneficiary.
~Jeremy
Posted: Tue Jun 02, 2009 08:25 am Post Subject:
SDCharger, you should really read Chapter 6 in the above link. When you buy life insurance, it is a contract. You'll notice that nowhere in there does it say that your child can't be the primary beneficiary. It says that that they won't pay to a minor. A guardian will have to be named for that child before the money will be paid.
This is different than putting the name of the guardian on the application as the beneficiary. If the guardian is named directly instead of the child, the money belongs to the guardian to do with as they please. If the child is named, the guardian must use the money to benefit the child.
Also, because you aren't married, your child would get the money if you named nobody as the beneficiary.
It's interesting that a bunch of licensed insurance agents are telling you that you are wrong and the printed information is telling you that you are wrong, yet you are choosing to listen to a clerk.
Quite frankly, I don't know if this an intelligence issue, or your "friend" has control over you.
Posted: Tue Jun 02, 2009 10:00 am Post Subject: insurance
I deal with the VA,..HERE, in my area. Thanks.
Posted: Tue Jun 02, 2009 10:09 am Post Subject: insurance
You can also email Prudential's division that deals solely with OSGLI!
Never heard of these people.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.
My Battalion ( The Jag Office)..I TOLD you that. I even told you where they were located. I'm SURE not taking advice from some so-called 'Insurance company' I've never heard of. ..Pridential ( or..whoever you CLAIM them to be). Nice try.Posted: Tue Jun 02, 2009 10:12 am Post Subject:
If the beneficiary is a child, the insurance proceeds will be paid to the child's guardian.
Yep...they WILL be.........by my 'Primary' Beneficiary'.Posted: Tue Jun 02, 2009 06:34 pm Post Subject:
Is this some internet version of Candid Camera? It's not possible to be this dense, is it?
Your battalion doesn't pay the money if you die. Prudential does. Prudential is one of the largest insurers in the world.
I don't know why, but I'm going to try this again.
I'll name your girlfriend Gladys Smith. Your son is Junior. Currently Gladys Smith is your beneficiary. Junior is the contingent beneficiary.
Let's assume for a second that you want Gladys Smith to have the money and you want Gladys to be able to do anything that you would like with that money. Who would you name as the beneficiary? Obviously, you would name Glady Smith.
What if you wanted some or all of the money to legally belong to your son? Well, it should be obvious that you can't name "Gladys Smith" as the beneficiary because if you name "Gladys Smith", the money belongs to Gladys Smith.
If you want your son to be the one to legally get the money, you have several choices.
1) Name him as primary beneficiary.
2) Name a trust that benefits him as the beneficiary.
3) Name a dead person as a beneficiary and your son as the contingent beneficiary.
4) Name a dead person as a beneficiary and a trust that benefits your son as contingent beneficiary.
5)Don't name any beneficiaries and don't get remarried.
WHAT YOU CAN'T DO IS A NAME A DIFFERENT PERSON. IF YOU DO THAT, THE MONEY BELONGS TO THAT PERSON.
Posted: Tue Jun 02, 2009 07:46 pm Post Subject:
My Battalion ( The Jag Office)..I TOLD you that. I even told you where they were located. I'm SURE not taking advice from some so-called 'Insurance company' I've never heard of. ..Pridential ( or..whoever you CLAIM them to be). Nice try.
I've defended you to a point, but now I really have to question. GO TO THE OSGLI WEBSITE AND THEIR MANUAL CLEARLY STATES THAT PRUDENTIAL IS THE INSURANCE COMPANY! IT ALSO STATES EXACTLY WHAT I TOLD YOU.
I have never made a practice of personally attacking someone, but you have proven yourself to be an ignorant individual who obviously has their head too far up their @ss to look out for the best interest of their child. It really makes me wonder what your relationship with this "friend" is really all about.
You have been rude to every single person that has tried to constructively help you. Your posts have become increasingly negative and if I were a moderator - YOU WOULD BE GONE!
Posted: Thu Jun 04, 2009 02:00 am Post Subject: insurance
I'm just telling you the information, given to the Soldiers, of our Battalion ( which is about 600, or so..) by the ones who deal with SGLI. So...if JAG is giving incorrect information, then YOU need to let someone know.
Posted: Thu Jun 04, 2009 02:04 am Post Subject: insurance
Rudeness? Nope...just telling you what MY Chain of Command is telling us.
Posted: Thu Jun 04, 2009 03:25 am Post Subject:
SD- I've stayed completely out of this thread because I wanted to see if you'd have an open mind. While I understand that your chain of command is giving you information, you also know that blindly following advice (not to be confused with an order) given to you by a superior officer, or anyone without the proper credentials is just plain dumb.
Expert is right. Here's the quotes from Section 6 that everyone's been referring to, copied directly from the regs:
First off, general beneficiary info:
6.01 DESIGNATIONS OF BENEFICIARY (IES) - GENERAL
Any insured under SGLI may designate as principal beneficiary or contingent beneficiary any person, firm, corporation or legal entity (including the insured's estate), individually or as a trustee.
Next; minors as beneficiary:
6.04 DESIGNATIONS OF BENEFICIARIES WHO ARE MINORS
a. The law allows payment of SGLI to be made directly to a minor surviving spouse.
b. If the beneficiary is a child, the insurance proceeds will be paid to the child's guardian.
c. The appointment of a guardian is often time consuming and costly and, for that reason, may delay the payment of proceeds. The amount of the proceeds can be materially reduced by the payment of court costs, attorney fees and expenses incurred by the guardian. To avoid such complications and expense, a member may choose to consult with an attorney to designate a pre-appointed trustee of the minor beneficiary.
I can find nowhere in the entire section that requires a minor child be designated as the contingent beneficiary. It simply says that a minor child cannot directly receive the proceeds; instead the proceeds will be paid to the child's guardian. Furthermore, it echoes Experts advice to set up a trustee environment before you die!
Nowhere does it say that the kid has to be contingent.
C'mon now...just because your chain of command knows the military, that doesn't mean they know this stuff. Lots of people think they know things but don't, and you know that. Finally, you've never heard of Prudential Insurance? The "Rock?" They're huge! Hmmmm.
InsTeacher
InsTeacher 8) 8)
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