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: Sat Feb 27, 2010 07:39 am Post Subject: Finding out beneficiary
You can contact your father's executor who created his will. He will notify if you have been listed as the primary beneficiary on the life insurance policy. If you are unsure of the executive's identity, you can check with the probate court that executed the will. You can also contact the life insurance company, but you''ll be required to submit some documents to proof your identity before they provide you with any information.
Posted: Sat Feb 27, 2010 01:48 pm Post Subject:
You Father died four years ago, you saw this paper a year ago..why are you now bringing this up? Whatever insurance that was going to pay has already paid, would be my bet. Were your parents married when your dad passed? Were you a minor when your Dad passed?
What was mom's reason for you not being able to examine this better? I don't get how she 'wouldn't' let you see it, I'd have probably jerked it out of her hand..but then that's me :lol: If the policy had you as a primary beneficary, unless your Dad had a change and you didn't see those papers, someone would've had to forge something to change it.. (ie you removing yourself as primary)...can't you do some 'snooping' when Mom's not home?
You are going to need to know the company, and then contact them...
My goodness, how long does it take to answer the above question.
Ease up there honey, you're a little impatient there, most of us have real jobs too :wink: and after all this was free :wink:Posted: Fri Mar 05, 2010 09:55 pm Post Subject:
Right now I have my parents listed as my primary beneficiaries split 50-50 and then my siblings as the contingent benefits split evenly. What if one of my parents passes away before or at the same time I do and I haven't updated my beneficiaries? Would the whole 100% go to the surviving parent? Or would the surviving parent still just get the 50% and then my siblings would get the other 50% split evenly between them since they are the contingent beneficiaries? Thank you!
Posted: Mon Jun 28, 2010 05:16 am Post Subject: Cintigency Beneficiary Calim Time
How long does the contingent beneficiary have to claim the proceedsafter the death of the insured.
Test question answers: 5, 20, 30 40 years?
Wikipedia answer - indefinitely or until the beneficiary was found.
Which is correct?
Posted: Tue Jun 29, 2010 04:03 pm Post Subject:
What state license exam are we discussing?
First, a contingent beneficiary has NO CLAIM to death benefit proceeds if there was a surviving primary beneficiary at the time of the insured's death.
It is possible that some states might have a restriction on any beneficiary's application for a death claim. If that's the case, I would think 5 years would be the best answer. But normally, an insurer will honor the claim whenever it is presented.
So help us out here, and tell us what state's laws you are asking about.
Posted: Thu Jan 06, 2011 05:22 pm Post Subject: beneficiaries
I have listed my husband as primary and my parents as secondary. In case of primary passing at the same time my Parents would be in charge of my children and that seemed the logical thing for me since my children are still 13 & 15.
My concern is why can't I list my spouse on my life insurance policy and my 401k?
Posted: Thu Jan 06, 2011 06:00 pm Post Subject:
1) If you name your parents as contingent beneficiary and you and your husband die, the money belongs to your parents and not to your children. An attorney would probably advise you not to do it that way and instead have the contingent beneficiary be a trust under your will for the benefit of your children.
2)Your spouse can be the beneficiary of your life insurance and your 401(k).
Posted: Fri Jan 07, 2011 10:40 pm Post Subject:
An attorney would probably advise you not to do it that way.
So would a highly ethical insurance agent! But it would be best not to name the trust as contingent beneficiary, and instead name the trust the primary beneficiary. Then you would use the trust document to describe how the proceeds are payable. There would be no need for a will to describe this.
As for the 401(k) plan, under federal law, your spouse MUST BE your beneficiary unless he signs off and allows someone (or something) else. If you were setting up a life insurance trust to receive those proceeds, you could potentially set up another trust to receive the 401(k) plan assets. You would need to speak with a tax adviser about the feasibility of doing that.
Posted: Thu Apr 07, 2011 05:25 pm Post Subject: contingent
I am the contingent on my dads policy that he had thru some job he worked for. His primary benificary can not be found for the last two years now they are contacting me so I can help them find her(primary B). when will i have right to anything?
Posted: Sat Apr 09, 2011 04:20 am Post Subject:
As contingent beneficiary, you only have an entitlement to the proceeds if the primary beneficiary has predeceased the insured or is legally disqualified from receiving the proceeds (as in having murdered the insured, for example).
If the primary was alive at the time of the insured's death, but has since died, the money is still payable to the primary's estate.
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