by Guest » Wed May 20, 2009 08:51 pm
a husband was named as beneficiary on his wife's life insurance policy at issue. He died and the beneficiary change was not completed before the wife herself died. Who is to receive payment
Posted: Sat May 23, 2009 12:37 am Post Subject: insurance
My Beneficiaries are my POA ( a dear friend) and my son. I BELIEVE I said this before.
Posted: Sat May 23, 2009 12:48 am Post Subject:
There is no "AND". Your son is contingent. He gets nothing! Your primary is your friend. She gets everything. The fact that she is your POA is meaningless. I hope, for your son's sake, that you start to get this.
Posted: Sat May 23, 2009 02:33 am Post Subject:
Expert, you can absolutely name more than one beneficiary on a given beneficiary line. So, it's possible that it is an "AND" in that post.
InsTeacher 8)
Posted: Sat May 23, 2009 04:21 am Post Subject: insurance
Incorrect. On my Military Life Insurance my POA and son are Beneficiaries.
Posted: Sat May 23, 2009 04:23 am Post Subject: insurance
I don't think the Military is going to change things just because some people disagree with how they do it.
Posted: Sat May 23, 2009 09:15 am Post Subject:
Incorrect. On my Military Life Insurance my POA and son are Beneficiaries.
Sd, a contingent beneficiary is also a beneficiary. But the difference is that his claim on the policy benefit would be considered only when the primary beneficiary pre-decease the policy holder and new primary beneficiary wasn't assigned.
Now, as Teacher has said, one can name more than one person as primary beneficiary. If you have done that then the benefit would get split between your friend and son. They would each get half of the benefit if not spelt otherwise.
IMO you really need to review your policy document to clarify if things are actually the way you think they are.
Posted: Sat May 23, 2009 11:57 am Post Subject:
Expert, you can absolutely name more than one beneficiary on a given beneficiary line. So, it's possible that it is an "AND" in that post.
Of course, you can. The reason that it's not that way in this case is that SDCharger keeps telling us that her son can't be named as the primary beneficiary. If it is an "AND", then her son would be a primary beneficiary.
Incorrect. On my Military Life Insurance my POA and son are Beneficiaries.
You need to make up your mind. Are you now trying to say that your son is a primary beneficiary? If so, that completely contradicts what you have been saying about the military not allowing him to be a primary beneficiary.
You don't seem to understand that with your son as contingent beneficiary he gets nothing at your death. Is your primary beneficiary "Power of Attorney" or is your primary beneficiary "Friend's Name"?
I can't imagine that "Power of Attorney" is your primary beneficiary since an insurance company won't allow this because the "Power of Attorney" ceases to exist at your death. I belive that your primary is "Friend's Name" which means that the money belongs to your friend. The fact that your friend also has your power of attorney has no meaning.
How exactly is it listed? We're trying to be helpful to you and not argumentative. I'm just afraid that your lack of knowledge is going to hurt you.
Posted: Sat May 23, 2009 06:37 pm Post Subject:
If there are both primary and contingent beneficiaries, and the primary pre-deceases the insured, there is an "order of succession" in place. This means that the contingent beneficiary would AUTOMATICALLY assume the first-position (primary) beneficiary, and the policyowner wouldn't need to do ANYTHING as it's automatic.
So, the contingent would, by proxy, become the primary. That's why they call it "contingent." A contingency is something that happens only if something else happens before it, hence the idea that if the primary dies, the contingent automatically slides into place.
InsTeacher 8)
Posted: Sat May 23, 2009 09:16 pm Post Subject: insurance
People have nothing better to do than to question a Military Life Insurance policy???!!!!! You can contact 99th RSC for your answers.....Oakdale, PA.
Posted: Sun May 24, 2009 12:19 am Post Subject:
You are so defensive that you can't see that there are people who are trying to be of help to you. We're not question a military life insurance policy. We are questioning your understanding of how things work and specifically, the fact that how you have things structured will not accomplish what you want to accomplish.
Even if the military policy is what you think that it is, there are ways to accomplish what you want to accomplish. How you are doing it is not one of those ways.
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