by Guest » Sat Dec 10, 2011 05:54 am
Hello Im in the uk so i dont know if laws are diffrent but im wondering if anyone can help please. My father has severe dementia and unfortunately doesn't have long to live, I am unsure of who my fathers beneficiary is, but even though he is now in a care home he is still married to my mother, however she is now in a relationship with someone and he is living in our home, although he is not registered to living here, When you sign up for life insurance do you have to state your beneficiary? Because i dont want my mother to have all the money because she is now in a relationship, that goes against their marrage also so would that stand up in court? i was thinking if they got divorced now would the beneficiary go to me and my two siblings? It may seem i am only intrested in the money, however that is not the case, i believe that because my mother is now in a relationship it would be unfair that she could claim all money and estate from my father and live a life with her new partner? Because once the life insurance comes through she may sell the house and with all the money she has get a big one in contract with her partner, then if my mother where to pass it would go to his children also and not just us, when its my fathers money they are benifiting off. I Would be greatfull if someone could give me some help, thanks alot.
Posted: Fri Dec 23, 2011 03:22 pm Post Subject:
First of all, it is important to find out who the actual beneficiary of the policy is. Without that information there won’t be much to do. To find information related to your father’s policy you may try contacting accountants, attorneys or any other trusted professional who is or has been in your father’s employment.
Changing the beneficiary of a policy is the sole discretion of the policyholder, that is, whoever your father chooses or has already chosen. Even if they get a divorce, it wouldn’t matter simply because the insurance policy is a contract which promises to pay the beneficiary upon the event of the insured’s death, notwithstanding any change in their relationship status. In case your mother is the chosen beneficiary, only your father has the right to drop her as the beneficiary and appoint a new one. There are very rare instances where the beneficiary of a life insurance policy has been successfully contested.
“When you sign up for life insurance do you have to state your beneficiary?”
It is a very rare case wherein no beneficiary has been stated in a life insurance policy. If there really is no designated beneficiary, one of two things will happen:
The proceeds from the policy will pass into your father’s probate estate which will in turn be used to pay off all creditors
OR
It will go straight to the lawful heirs and not to the creditors.
“Because I don’t want my mother to have all the money because she is now in a relationship that goes against their marriage also so would that stand up in court?”
No, it probably won’t as far as the policy is concerned simply because the policy is a contract between your father and the insurance company. It promises to pay whoever the beneficiary is, a certain amount on the event of the insured’s death regardless of his relationship with the beneficiary.
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