Ex wife as Life insurance beneficiary

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PostPosted: Sun May 31, 2009 8:53 pm   Post subject:   

Quote:
The rule is that a minor can't be a primary beneficiary
Ya FINALLY 'got it'. Good for you!!!
sdchargersfan
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PostPosted: Mon Jun 01, 2009 12:24 am   Post subject:   

If you attempt to answer my questions, you will quickly learn for yourself that you are screwing your son, your friend, or both. The problem is that you are too stubborn (or stupid) to realize this.





1) Why would you set something up that depends on trust instead of a legal responsibility to act in a certain way? In other words, why are you having the money go directly to your friend instead of having your friend be responsible for the money? Or to put it even another way, why are you making it so that your friend has free reign over the money instead of having a legal responsibility towards your son?



2) If the money is going to go directly to your friend, how is she going give the money to your son without negative consequences? Some of these negative consequences can include gift tax issues, financial aid issues for her own kids, divorce issues for her, lawsuits, change of mind, etc.

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PostPosted: Mon Jun 01, 2009 6:32 am   Post subject:   

Quote:
The rule is that a minor can't be a primary beneficiary




Please link us to the site SD where the information regarding a minor being the secondary beneficiary is posted, since we all would be interested in knowing if the military life policy has different wording then the life insurance plans available in the market.



I think when Expert has posted the above statement he has also explained it quite clearly as well.



~Jeremy
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PostPosted: Mon Jun 01, 2009 2:48 pm   Post subject: insurance  

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We are on good terms. I want to add her to my life insurance policy as a beneficiary.
I wanted to add that, BECAUSE you are on "good terms" with your EX, this would really 'benefit' the kids as well. ..you wouldn't be putting the children in the 'middle' when it came down to the money. Very Happy
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PostPosted: Mon Jun 01, 2009 2:53 pm   Post subject: insurance  

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Please link us to the site SD where the information regarding a minor being the secondary beneficiary is posted,
I ALREADY gave information, on that, in a recent post ( the Military base and the department you would ask for, for SGLI information).
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PostPosted: Mon Jun 01, 2009 3:21 pm   Post subject:   

SDCHARGERSFAN...LISTEN UP!



Because I knew you wouldn't do your research...I did it for you.



YOU NEED TO CALL OSGLI!!! Which I'm sure you realize is the Office of Servicemembers' Group Life Insurance. Here's there number (800) 419-1473. You can also email Prudential's division that deals solely with OSGLI!



I spoke with them, and they said you have been confused and probably given advice from a clerk or local employee that is not licensed or authorized to give such advice. In fact, when I explained the situation they were very interested in finding out exactly who gave you such advice.



Servicemembers should contact their Personnel Office ONLY for changes to basic or family coverage. The clerks will put in the information as you direct them...they are not trained and are not licensed.



Servicemembers should contact their Payroll / Finance Office for premium payment information and refund. These staff are also not licensed or trained to advise on individual scenarios.



Here is the handbook you should check out (published on their website of course). Pay attention to chapter 6.



Servicemembers' and Veterans' Group Life Insurance Handbook



Supervised by the Secretary of Veterans Affairs

Veterans Benefits Administration

Washington, DC 20420



H-29-98-1

November 2002

Revised: March 2007



TABLE OF CONTENTS

CHAPTER 1. General Provisions

CHAPTER 2. Termination of Insurance

CHAPTER 3. Reduction or Cancellation of Insurance

CHAPTER 4. Restoration and Request for Coverage

CHAPTER 5. Accelerated Benefits Option

CHAPTER 6. Beneficiaries

CHAPTER 7. Election of Method of Payment for Proceeds

CHAPTER 8. Death Claims

CHAPTER 9. Beneficiary Financial Counseling Services

CHAPTER 10. Family Coverage

CHAPTER 11. Traumatic Injury Coverage

CHAPTER 12. Veterans' Group Life Insurance

CHAPTER 13. Miscellaneous

CHAPTER 14. Records and Forms

APPENDIX A: SGLI and VGLI Forms

APPENDIX B: Addresses for Branch of Service Casualty Offices

APPENDIX C: Premium Rate Tables for VGLI

APPENDIX D: Premium Rate Tables for Spousal Coverage

APPENDIX E: Premium Rates for SGLI and Traumatic Injury Coverage

APPENDIX F: Conditions Excluded from TSGLI Coverage



http://www.insurance.va.gov/sglisite/handbook/handbook.htm



NOTE: A contingent beneficiary is a person or persons designated to receive the insurance proceeds if the principal beneficiaries die before the insured dies.



b. When a member is likely to be survived by dependents or parents and designates some other person or entity as beneficiary, a responsible representative of the uniformed service should advise the member to submit a signed memorandum indicating that the member understands the designation is unusual and that the person named by the member as the beneficiary is the person he or she intends to receive the proceeds.



b. If the beneficiary is a child, the insurance proceeds will be paid to the child's guardian.



I'm Done!

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PostPosted: Tue Jun 02, 2009 4:33 am   Post subject:   

Excellent information Chris, but I'm sure that SD wouldn't listen to it even this time as well. But this would certainly help many in clarifying their confusions regarding the designation of beneficiary.



~Jeremy

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PostPosted: Tue Jun 02, 2009 8:25 am   Post subject:   

SDCharger, you should really read Chapter 6 in the above link. When you buy life insurance, it is a contract. You'll notice that nowhere in there does it say that your child can't be the primary beneficiary. It says that that they won't pay to a minor. A guardian will have to be named for that child before the money will be paid.



This is different than putting the name of the guardian on the application as the beneficiary. If the guardian is named directly instead of the child, the money belongs to the guardian to do with as they please. If the child is named, the guardian must use the money to benefit the child.



Also, because you aren't married, your child would get the money if you named nobody as the beneficiary.



It's interesting that a bunch of licensed insurance agents are telling you that you are wrong and the printed information is telling you that you are wrong, yet you are choosing to listen to a clerk.



Quite frankly, I don't know if this an intelligence issue, or your "friend" has control over you.

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PostPosted: Tue Jun 02, 2009 10:00 am   Post subject: insurance  

I deal with the VA,..HERE, in my area. Thanks.

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PostPosted: Tue Jun 02, 2009 10:09 am   Post subject: insurance  

Quote:
You can also email Prudential's division that deals solely with OSGLI!

Never heard of these people.
Quote:
I spoke with them, and they said you have been confused and probably given advice from a clerk or local employee that is not licensed or authorized to give such advice. In fact, when I explained the situation they were very interested in finding out exactly who gave you such advice.

My Battalion ( The Jag Office)..I TOLD you that. I even told you where they were located. I'm SURE not taking advice from some so-called 'Insurance company' I've never heard of. ..Pridential ( or..whoever you CLAIM them to be). Nice try.
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PostPosted: Tue Jun 02, 2009 10:12 am   Post subject:   

Quote:
If the beneficiary is a child, the insurance proceeds will be paid to the child's guardian.

Yep...they WILL be.........by my 'Primary' Beneficiary'.
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PostPosted: Tue Jun 02, 2009 6:34 pm   Post subject:   

Is this some internet version of Candid Camera? It's not possible to be this dense, is it?



Your battalion doesn't pay the money if you die. Prudential does. Prudential is one of the largest insurers in the world.



I don't know why, but I'm going to try this again.



I'll name your girlfriend Gladys Smith. Your son is Junior. Currently Gladys Smith is your beneficiary. Junior is the contingent beneficiary.



Let's assume for a second that you want Gladys Smith to have the money and you want Gladys to be able to do anything that you would like with that money. Who would you name as the beneficiary? Obviously, you would name Glady Smith.



What if you wanted some or all of the money to legally belong to your son? Well, it should be obvious that you can't name "Gladys Smith" as the beneficiary because if you name "Gladys Smith", the money belongs to Gladys Smith.



If you want your son to be the one to legally get the money, you have several choices.



1) Name him as primary beneficiary.

2) Name a trust that benefits him as the beneficiary.

3) Name a dead person as a beneficiary and your son as the contingent beneficiary.

4) Name a dead person as a beneficiary and a trust that benefits your son as contingent beneficiary.

5)Don't name any beneficiaries and don't get remarried.



WHAT YOU CAN'T DO IS A NAME A DIFFERENT PERSON. IF YOU DO THAT, THE MONEY BELONGS TO THAT PERSON.

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PostPosted: Tue Jun 02, 2009 7:46 pm   Post subject:   

Quote:
My Battalion ( The Jag Office)..I TOLD you that. I even told you where they were located. I'm SURE not taking advice from some so-called 'Insurance company' I've never heard of. ..Pridential ( or..whoever you CLAIM them to be). Nice try.




I've defended you to a point, but now I really have to question. GO TO THE OSGLI WEBSITE AND THEIR MANUAL CLEARLY STATES THAT PRUDENTIAL IS THE INSURANCE COMPANY! IT ALSO STATES EXACTLY WHAT I TOLD YOU.



I have never made a practice of personally attacking someone, but you have proven yourself to be an ignorant individual who obviously has their head too far up their @ss to look out for the best interest of their child. It really makes me wonder what your relationship with this "friend" is really all about.



You have been rude to every single person that has tried to constructively help you. Your posts have become increasingly negative and if I were a moderator - YOU WOULD BE GONE!
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PostPosted: Thu Jun 04, 2009 2:00 am   Post subject: insurance  

I'm just telling you the information, given to the Soldiers, of our Battalion ( which is about 600, or so..) by the ones who deal with SGLI. So...if JAG is giving incorrect information, then YOU need to let someone know.

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PostPosted: Thu Jun 04, 2009 2:04 am   Post subject: insurance  

Rudeness? Nope...just telling you what MY Chain of Command is telling us.

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