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 Posted: Wed Jun 06, 2018 4:16 pm Post subject: Who is the owner of a life insurance policy when owner dies? |
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State of Texas
owner has whole life insurance policy on her husband (2nd marriage). Owner is the sole beneficiary. Owner's two children are the contingent beneficiaries. There is not an owner designated upon her death.
Owner has will that splits certain assets between husband and one child, but the policy is not mentioned in the will. There is a residual clause in the will that all the residual goes to the one child. The other child was specifically excluded from the will.
Who is now the owner of the policy?
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cstan91
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| Posted: Tue Jun 12, 2018 1:31 am Post subject: Life Insurance |
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So How Much Are you paying for your life insurance. |
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Ruby
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Joined: 08 Jun 2018
Posts: 8
1.79 Dollars($)
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| Posted: Tue Jun 12, 2018 1:32 am Post subject: Lowering Monthly Payments |
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What if i can lower your monthly payments how would that make you feel. |
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Ruby
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Joined: 08 Jun 2018
Posts: 8
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| Posted: Tue Jan 08, 2019 12:42 am Post subject: Ownership in the event of no owner |
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Hello. Martha here, independent agency owner, and agent. So, let's make sure we have it right.
The owner of the policy has died, not the insured. There is no contingent owner listed.
The ownership rights, if there is not a contingent, would transfer to the estate of the deceased as an asset. In this case, it doesn't matter who the beneficiaries are. Beneficiaries are only applicable to the proceeds from the policy. Since the insured is still living, the only issue at hand is ownership of the policy.
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marthag
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Location: USA
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