by Guest » Sat Dec 06, 2008 03:25 pm
My boyfriend's father died in August. His divorce was finalized from his ex-wife in April. Apparently, he never changed her as the beneficiary on his life insurance policy. My boyfriend and the siblings really didn't care, because they didn't have the money to begin with-so what would it matter if they didn't have it now.....however the ex-wife agreed to split the insurance money 5 ways--believing it was only fair and she had a decent relationship with all the kids/grandkids. My boyfriend and his siblings had a letter drafted by their lawyer stating that the ex-wife agrees to split the life insurance money and she signed it. It was sort of her suggestion. After all, their dad divorced her (and on a side note, his reasons for divorcing her had something to do with him pulling his retirement out early upon her suggestion so that she could place some money in an acct that would draw interest and some in the bank acct to pay bills with, only to find out that the money disappeared and she began using his credit card to pay for bills, subsequently causing my boyfriends dad to file for bankruptcy). My boyfriend got a letter in the mail yesterday from his step-mom stating she's going to be keeping all the insurance money basically because she feels entitled to it. She rattled off a list of things she has done that are only simply things a nice person would do without payment. (claims she paid his cell phone bill for a year, a gas bill in 2/08, their joint tax return in 2007, and has been feeding the cats since his death and mailing his mail to my boyfriend's sister. It's so ridiculous....however, my question is this.
Can she get away with this if she signed a notarized document stating she agreed to split the insurance money? After all, they were divorced and it was more than likely an oversight on his part. Also, would something like this be suitable for civil court and how long should it take???
Thanks all.
Can she get away with this if she signed a notarized document stating she agreed to split the insurance money? After all, they were divorced and it was more than likely an oversight on his part. Also, would something like this be suitable for civil court and how long should it take???
Thanks all.
Posted: Fri Dec 11, 2009 05:21 am Post Subject:
If you folks don't stop sniping at eachother and acting like a bunch of 7-year olds, I'm going to lock this thread. Several things should be fairly obvious to everyone participating in this wonderful grenade-chuckin' contest:
1. There ARE definitely instances whereby you can purchase life insurance on the life of another without the others' signature. So, those of you who are still whining about this- STOP WHINING ABOUT THIS.
2. It's pretty apparent that different states have different laws. For instance, Max quoted California law (which, by the way, is another country because of your truly weird community property laws) and I cited Oregon law. I could cite law from every other stinkin' state and you would see minor differences. So, those of you who are still whining about this- STOP WHINING ABOUT THIS.
3. About the absurd notion of a carrier issuing a $1,000,000 policy without a medical. GET OVER IT- it AIN'T GONNA HAPPEN.
4. Can a parent effect coverage on a child? Should an agent physically view the child prior to application completion? Are there instances in which a child has to sign the app? Do situations exist whereby an employer can purchase coverage on the life of an employee? Are insurable interest requirements important? Are estate consequences something that should be considered when looking at amounts of life insurance? Will the Chicago Cubs ever win a World Series in my lifetime? YES, YES, YES, YES, YES, YES...No :(
So, I have a request. While I absolutely appreciate the veritable fountain of knowledge being vomited forth here, I would ask that you maintain some modicum of decorum while venturing out with your comments. If I were a guest visiting the site, I would be (1) highly amused, (2) pretty confused, and as a poster, feel (3) kind of abused.
Get my drift? :wink:
InsTeacher 8)
Posted: Fri Dec 11, 2009 01:43 pm Post Subject:
Points well taken. Enough said.
Posted: Sat Dec 12, 2009 03:37 am Post Subject:
3. About the absurd notion of a carrier issuing a $1,000,000 policy without a medical. GET OVER IT- it AIN'T GONNA HAPPEN.
Please let's stop posting incorrect information. Contact Petersens if you doubt me. These are not typical cases. These policies are almost always multi-million dollar policies. In fact, I don't know if they'll write one that isn't. No medical is needed.
This isn't like buying a whole life policy. It's not even like buying a 20 year level term policy. It's a one year policy and it will end earlier if the insurable interest no longer exists.
FACT: One can legally buy a multi-million dollar insurance policy in the U.S. without the insured knowing and without the insured signing the application and without any medical exams or medical records. There must be an insurable interest.
Posted: Sat Dec 12, 2009 06:27 am Post Subject:
Yes, and it's a policy issued through Lloyd's of London and so has no responsibility to adhere to domestic insurance regulations. Not that it's a bad thing. But it's not the kind of policy that the average person visiting this site is interested in.
The persons asking for insight here are going to submit an application with a company subject to domestic laws, and has been pointed out, the scenarios you have posted just won't wash in the regulated, domestic market.
It's like saying, "But of course my Lamborghini does 180 mph, and I can show you." Not on any freeway in Southern California during rush hour, and not lawfully on any public road or highway anywhere else in the US. But transport the vehicle to the Autobahn in Germany, and your claim is valid.
So let's just shake hands and agree that we're both right and both wrong -- based on one very narrow example.
Posted: Sat Dec 12, 2009 10:53 am Post Subject: Correct Information
Wrong information should immediately be corrected. However, you aren't doing that and refuse to change your stance until you are backed into a corner. You are now making up stuff because you don't know better.
There is nothing worse than guessing at answers. You don't have to know everything. It is ok to say, "I don't know."
Yes, and it's a policy issued through Lloyd's of London and so has no responsibility to adhere to domestic insurance regulations.
Please just admit that you have never dealt with this kind of stuff and this is completely out of your realm of expertise. This is directly from the Lloyd's website:
"US business underwritten at Lloyd's must be placed in accordance with US regulatory requirements and coverage must comply with local law. New insurance enquiries from US residents should be directed to an insurance agent or broker who is licensed to conduct business in the relevant state. "
If you had ever done business with them, you would know how wrong you are.
Posted: Sun Dec 13, 2009 03:26 pm Post Subject: insurance
The Insurance Experts, on this Forum, have their 'specific area' that they are experts in. It's nice that I can read through the Thread and 'compare notes' on given opionions. However......it's NOT professional to 'bash' each other (those that ARE doing the 'bashing'..).
Posted: Thu Mar 11, 2010 07:52 am Post Subject: military beneficiary
My husband and I got divorced last year (in Fl). He is retired military and has a life insurance with them. Who do I call to find out, if he as changed the beneficiary or not. I can not talk to him, as he had a bad accident and hs in a coma right now!
Posted: Fri Mar 12, 2010 02:21 am Post Subject:
Unfortunately, unless you are the owner of the policy, it's not likely that VGLI will provide you with any information. But you can contact the VGLI office at the Department of Veteran Affairs at 1-800-827-1000, and at least give it a try.
For additional information about VGLI, visit their website at
http://www.insurance.va.gov/sgliSite/vgli/vgli.htm
Posted: Fri Mar 12, 2010 08:40 pm Post Subject: call
Call the VA and ask. If they wont tell ,you call back. I found out. It was easy. I called back got a different person, and found out. Heck the Va doesnt care about anything. I had a fellow writing his wife in ,on my fathers form. Nothing really matters with them. The VA is a messed up place. Believe me i know, i have been talking with them for a long time. Good luck
Posted: Sun Mar 14, 2010 05:51 am Post Subject: Siblings Share of Beneficary Proceeds
My father's life insurance policy application only allowed him to list two beneficiaries. He listed my mother and my oldest sister. My mother passed away first and then my dad. My sister, who was listed as the beneficiary used the insurance proceeds to bury him. There are three other siblings. My father died intestate in August 2008. We established his estate (currently in probate) approximently in April 2009. My oldest sister wants to be reimbursed for the money she used to pay for his funeral expenses from the estate's proceed. Since there were only a limited amount of space allowed to list the remaining children as beneficiaries, does this mean we are not intitled to the money?
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