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 Posted: Tue Jul 20, 2010 4:17 pm Post subject: life insurance benificiary |
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my sister named my mother as benificiary on her life insurance not her husband but he thinks he will get the money, does he have a legal right to the money?
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merae1
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| Posted: Tue Jul 20, 2010 4:25 pm Post subject: |
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| Quote: | he thinks he will get the money, does he have a legal right to the money?
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I am also thinking to get some part of it...!!! Joke apart!!
If his name is not added in the contract as a beneficiary by no means he can get the proceedings.
One more point to keep in mind is that if she (your sister) decides to change the beneficiary on her life insurance contract she can change it for 'n' number of times.I mean she can change it at any given point of time.and again change it and again change it....this is what 'n' number of times.
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DIMG786
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| Posted: Tue Jul 20, 2010 5:54 pm Post subject: |
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It will all go to your mom. He doesn't have a legal right to it.
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fjallak
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| Posted: Wed Jul 21, 2010 4:55 pm Post subject: |
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| Quote: | | It will all go to your mom. |
Assuming of course Mom is alive when your sister dies.
| Quote: | | He doesn't have a legal right to it. |
As long as Mom is alive at the time your sister dies.
If Mom dies prior to your sister, and no change to the beneficiary is made, and there is no named "contingent" beneficiary (such as you), the money is payable to your sister's estate if she was the owner of the policy. If she dies intestate (without a will), her husband will likely end up with the money, if they're still legally married at the time of her death.
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MaxHerr
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| Posted: Thu Jul 22, 2010 4:37 am Post subject: |
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my sister has recently passed and my mother has not even filed the claim yet, but we have gotten a letter from the insurance agent telling us that her husband has been calling trying to get the money released to him because he plans to contest the benificiary designation. I have told my mother every thing i have learned from this forum but she is still worried that he will take her to court!
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merae1
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| Posted: Thu Jul 22, 2010 5:41 am Post subject: |
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There is nothing to contest. There is no law in any state that I am aware of that requires a husband to be named the beneficiary. He can contest all he wants, he's not going to get the money.
The only possible argument is that your mother [intimidated/compelled/coerced/threatened great bodily harm against] your sister/her daughter in order to be named the beneficiary. That's a highly speculative proposition, and the evidence of that would have to be very weighty indeed.
Your mother has nothing to fear. Get the death claim form, fill it out, return it with a certified copy of the death certificate, and the money will be paid according to the beneficiary designation in force at the time of your sister's death.
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MaxHerr
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| Posted: Thu Jul 22, 2010 3:49 pm Post subject: |
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| Quote: | but she is still worried that he will take her to court!
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Filing the documents to receive insurance money is not a criminal offense.So firstly there is no need to fear.
Rather you should frankly tell your sister's husband to go ahead with whatever court action he wish to take.As everything is very clear from your side you need not have to worry about the happenings in court.
Meanwhile you start the process of claim by submitting all the documents to insurance company and thus it will save lot of your time.
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DIMG786
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| Posted: Thu Jul 22, 2010 5:52 pm Post subject: |
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| Quote: | | Filing the documents to receive insurance money is not a criminal offense |
Just as with any other claim, it is a criminal offense when fraud is involved.
To be clear, that is not the subject of this OP's question. The question is disputing a beneficiary's entitlement to the policy proceeds. Anyone can do that by filing a challenge. If the insurance company cannot instantly sort it out, it may have to wait until a court renders a decision in the matter.
It's all rather disgusting the way some people act when life insurance (or other) money is the issue.
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MaxHerr
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| Posted: Thu Jul 29, 2010 8:03 am Post subject: |
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Can your beneficiary collect life-insurance benefits after your suicide? Tell me answer.
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Williams455
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| Posted: Thu Jul 29, 2010 4:43 pm Post subject: |
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| Quote: | | Can your beneficiary collect life-insurance benefits after your suicide? |
The answer is YES. But the amount they will receive depends on the timing of the death.
If the death occurs prior to the policy being in force two years in most states (only one year in a few), the insurance company pays the amount paid in premiums as the death benefit.
If the death occurs more than two years after the policy is in force, the insurer will pay the full death benefit amount, less any policy loans and unpaid loan interest.
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MaxHerr
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| Posted: Sat Jul 31, 2010 2:59 am Post subject: |
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| Missouri, best place to be suicidal...heh |
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BNTRS
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MaxHerr
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| Posted: Sat Jul 31, 2010 9:57 pm Post subject: insurance |
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MAX...that all sounds so crazy (I'm not saying it's NOT true..). People don't know when their spouse/family member is going to commit suicide. So....WITHIN 2 years, the premiums paid will be 'cashed out'? But..AFTER 2 years, the entire benefit will be 'cashed out'? Is that what you're saying?! 'You' would have enough on your mind (with someone taking their own life)!! No one 'times' their suicide.  I hope you understand my comment. |
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sdchargersfan
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| Posted: Sat Jul 31, 2010 11:50 pm Post subject: |
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Wendy . . .
It's a standard clause in life insurance. The purpose is to prevent someone who is already contemplating suicide from obtaining insurance with that thought in mind, only to complete the act shortly after the policy is issued. Having to wait two years could be long enough that the person changes their mind -- or they see the futility in their plan and give up on the insurance.
So the standard provision reads something like this:
In the event of the insured's death by suicide within the first two years of the policy issue, our liability will be limited to the premiums paid.
Two years and a day? The full death benefit is paid.
About the only life insurance policies that do not include a suicide provision are "industrial" (or, home service) life insurance. These policies have face amounts of $1,000 to $10,000. They cost between $2.00 and $20.00 per week, and premiums are usually collected by an agent in person, often in cash.
These kind of policies were once sold in the workplace 100+ years ago for $0.05 per week for $1,000 of death benefit (or about 2 years' wages at that time). The agent would collect the nickels on payday and give the worker a small receipt showing they had insurance for one more week.
| Quote: | | No one 'times' their suicide |
Not entirely true. There are some folks who purchase the insurance, and wait the two years to commit suicide. Not a pleasant thought, but it happens.
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MaxHerr
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| Posted: Sun Aug 01, 2010 3:10 am Post subject: |
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| Quote: | | It's a standard clause in life insurance. The purpose is to prevent someone who is already contemplating suicide from obtaining insurance with that thought in mind, only to complete the act shortly after the policy is issued. Having to wait two years could be long enough that the person changes their mind -- or they see the futility in their plan and give up on the insurance. |
Maybe, but the rationale I was always given behind the law is that sane people will not buy a policy and wait two years to commit suicide. And no insance person who is contemplating suicide would be capable of contemplating such a plan (buying and waiting two years). I've always viewed it as a horrendously naive view on the issue, but then again I've never contemplated suicide so how would I know? |
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BNTRS
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