by Insurance Expert » Thu Jul 30, 2009 03:54 am
There have been quite a few posts with this subject.
Many people have been saying that if there is not a named beneficiary, the proceeds get paid to the estate.
I chimed in and said that a policy could have a default beneficiary. I also said that I thought that most policies don't have a default beneficiary.
Anyway, I sold two policies today from two different companies and both of them on the application said what would happen to the money if no beneficiary was alive. In neither case would the money go directly to the estate.
Many people have been saying that if there is not a named beneficiary, the proceeds get paid to the estate.
I chimed in and said that a policy could have a default beneficiary. I also said that I thought that most policies don't have a default beneficiary.
Anyway, I sold two policies today from two different companies and both of them on the application said what would happen to the money if no beneficiary was alive. In neither case would the money go directly to the estate.
Posted: Wed Sep 16, 2009 12:12 pm Post Subject:
I.E. wrote:
The only way for you to be correct is if preference beneficiaries were illegal in the state of Florida. You have already been proven wrong. All that you need to do is to look at the contracts that the state has approved. Of course, you won't do this since you aren't capable of seeing anything that disagrees with you.
LOL
Thank you I.E.
Below is ACTUAL contract language from Florida.
Please explain to the General Public who may read this thread that reside in the great state of Florida just EXACTLY who the insurance company pays the money to when there are no beneficiaries listed on the contract or all the named beneficaries have pre-deceased the contract owner.
Please provide actual contract language from any contract in Florida that says something to the contrary.
Posted: Wed Sep 16, 2009 12:45 pm Post Subject:
WOW Gary, it sure took you an awful long time to dig that one up...and that's all you come up with huh?
No where in this thread does it say that EVERY life policy has a default beneficary claus. You have referenced an annuity to boot...Gary, we've repeated said, that 'if' the life ins policy has a preference or default claus THEN it follows that sequence, if not then it would go to the estate. The problem with you is you cannot admit that there are policys in Florida with these claus'. (or that you're wrong about ANYTHING)...You don't sell any life policys huh? Only annuitys?
Posted: Wed Feb 17, 2010 05:47 pm Post Subject: Home For Sale
My father passed away my brother and I are beneficiaries @ 50% each on his will no contingent beneficiaries named. Dad’s house is up for sale, the title was recorded under my brother and I. My brother passed before closing took place. Is the house mine 100%?
Posted: Thu Feb 18, 2010 01:09 pm Post Subject:
Doubt it...check with an atty, but brothers half may be going to 'his' estate. (sorry by the way on the lose of you Dad and Brother)
Posted: Thu Feb 18, 2010 03:17 pm Post Subject:
Does your brother have a family (heirs)? A Will? As Lori has pointed out there's a good chance it goes to his estate, this may or may not mean you'll end up with the other half.
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