by songbird » Sun Jun 19, 2011 12:32 am
My father passed away 7 months ago. I just found out from my sister that he named her as beneficiary on his life insurance and won't give me anything. My father left a Transfer of Nonprobate property document which states that his property is to be split share and share alike. Does this include the life insurance or am I pretty much out of it altogether? Is there anyway to contest the life insurance?
Posted: Mon Jun 20, 2011 06:08 am Post Subject:
If your father has mentioned your sister as the sole beneficiary of his policy then you can't really do any thing about it. In that case, the insurance proceeds will go to her only. Insurance proceeds don't follow a property will. It will go to the beneficiary mentioned in the policy papers.
Posted: Mon Jun 20, 2011 06:02 pm Post Subject:
Does this include the life insurance or am I pretty much out of it altogether? Is there anyway to contest the life insurance?
No. Life insurance proceeds cannot properly be distributed in any manner other than through the beneficiary statement. Your sister has no legal obligation to share the proceeds, and you will probably lose any attempt to sue her for a share of the money.
Posted: Fri Jul 08, 2011 09:10 am Post Subject:
Yeah I agree. Only the policy owner has the last say who'll be his/her beneficiary. If your sister's name is listed as the beneficiary, then you have no other choice but to face reality. Opting for a legal battle is not advisable because she is legally the one and only beneficiary.
Posted: Fri Jul 08, 2011 12:19 pm Post Subject:
Well, a legal battle in this case would simple mean a wastage of money. The policy proceeds should by all means go to the named beneficiary. In the absence of a beneficiary it should go to the policy holder's trust.
Posted: Mon Jul 18, 2011 11:33 pm Post Subject:
Not only does she not have any obligation to give you any money. She faces a potentially disastrous gift tax problem if she did give you money and wasn't careful about how she went about doing it. Naming one beneficiary on your life policy when you have multiple kids and assuming they'll share is a dumb thing to do.
It creates all kinds of problems, from your situation at it worst, to my point above at the least.
Posted: Mon Jul 25, 2011 08:35 am Post Subject:
Life insurance is one of the most important credentials for having a secure life ahead. Life insurance policy provides financial cover and protection to the loved ones of the policy holder in case of his death.
life insurance
Posted: Mon Jul 25, 2011 02:37 pm Post Subject:
Really? Wow, we get this sort of thing from the fly-by-nights all the time, but NY Life? I never understood the theory behind peppering the internet forums with links to you. Most people will delete them. If you're FINRA registered it's a big no no, and there aren't that many outlets in which to do it, so it's not like you really have the volume to work with.
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