by Guest » Tue Mar 31, 2009 11:56 am
I’m interested to know how the position of the contingent beneficiary is described in a policy. What are the rights of contingent beneficiaries? If the contingent beneficiary is a minor, how the proceedings of the death benefits would get affected?
Posted: Mon Oct 05, 2009 07:54 pm Post Subject: Life Insurance policy
If both the primary and the contingent beneficiaries are deceased, (the contingent person passing first) will the policy holder's estate receive the proceeds? Thanks.
Posted: Wed Oct 07, 2009 07:27 pm Post Subject:
The answer is maybe. The policy may have default language for this situation. For instance, in some policies, it would go to the policy owner. The owner and the insured don't have to be the same person.
Posted: Thu Oct 08, 2009 05:55 am Post Subject:
Yes, I guess it goes to the estate. It would then be up to the estate executor to decide who should get it and what would be the right time to get the money dispersed.
Posted: Tue Jan 26, 2010 07:12 pm Post Subject: Life Insurance
What if more than one beneficiary is named at the initial start of the policy. If the carrier dies, do all three get equal shares? And does status of who you were in relation to the policy holder (i.e. Wife as opposed to children). How does this work?
Posted: Tue Jan 26, 2010 07:17 pm Post Subject:
Is there anyone here to answer this question, please?
Posted: Tue Jan 26, 2010 07:37 pm Post Subject:
Lori2, your use of language is making it difficult to decipher your question. By "carrier", do you mean "insured"? The primary beneficiaries will receive money based upon how they are listed in the application or any subsequent changes. They may get equal shares. They may get unequal shares. Relationship doesn't matter.
Posted: Wed Jan 27, 2010 02:01 am Post Subject:
Relationship to the owner does not dictate how benefits are paid. It will depend on how the owner of the contract planned out benefits to be paid. The insurance company will pay according to that directive.
Posted: Wed Jan 27, 2010 05:51 am Post Subject:
Keep in mind State by State rules.
Posted: Thu Feb 25, 2010 01:19 am Post Subject: primary beneficiary
My father passed away in 2005, four years after he died I saw a letter my mother had that said primary beneficiary in bold letters and my name was under primary beneficiary, I asked my mother to let me see it in full but she did not let me see it, how do or where can I go to find out for sure.
Posted: Fri Feb 26, 2010 01:13 pm Post Subject:
My goodness, how long does it take to answer the above question.
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