a husband was named as

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PostPosted: Sat May 23, 2009 4:23 am   Post subject: insurance  

I don't think the Military is going to change things just because some people disagree with how they do it.

sdchargersfan
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PostPosted: Sat May 23, 2009 9:15 am   Post subject:   

Quote:
Incorrect. On my Military Life Insurance my POA and son are Beneficiaries.




Sd, a contingent beneficiary is also a beneficiary. But the difference is that his claim on the policy benefit would be considered only when the primary beneficiary pre-decease the policy holder and new primary beneficiary wasn't assigned.



Now, as Teacher has said, one can name more than one person as primary beneficiary. If you have done that then the benefit would get split between your friend and son. They would each get half of the benefit if not spelt otherwise.



IMO you really need to review your policy document to clarify if things are actually the way you think they are.
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PostPosted: Sat May 23, 2009 11:57 am   Post subject:   

Quote:
Expert, you can absolutely name more than one beneficiary on a given beneficiary line. So, it's possible that it is an "AND" in that post.




Of course, you can. The reason that it's not that way in this case is that SDCharger keeps telling us that her son can't be named as the primary beneficiary. If it is an "AND", then her son would be a primary beneficiary.



Quote:
Incorrect. On my Military Life Insurance my POA and son are Beneficiaries.




You need to make up your mind. Are you now trying to say that your son is a primary beneficiary? If so, that completely contradicts what you have been saying about the military not allowing him to be a primary beneficiary.



You don't seem to understand that with your son as contingent beneficiary he gets nothing at your death. Is your primary beneficiary "Power of Attorney" or is your primary beneficiary "Friend's Name"?



I can't imagine that "Power of Attorney" is your primary beneficiary since an insurance company won't allow this because the "Power of Attorney" ceases to exist at your death. I belive that your primary is "Friend's Name" which means that the money belongs to your friend. The fact that your friend also has your power of attorney has no meaning.



How exactly is it listed? We're trying to be helpful to you and not argumentative. I'm just afraid that your lack of knowledge is going to hurt you.
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PostPosted: Sat May 23, 2009 6:37 pm   Post subject:   

If there are both primary and contingent beneficiaries, and the primary pre-deceases the insured, there is an "order of succession" in place. This means that the contingent beneficiary would AUTOMATICALLY assume the first-position (primary) beneficiary, and the policyowner wouldn't need to do ANYTHING as it's automatic.



So, the contingent would, by proxy, become the primary. That's why they call it "contingent." A contingency is something that happens only if something else happens before it, hence the idea that if the primary dies, the contingent automatically slides into place.



InsTeacher Cool

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PostPosted: Sat May 23, 2009 9:16 pm   Post subject: insurance  

People have nothing better to do than to question a Military Life Insurance policy???!!!!! You can contact 99th RSC for your answers.....Oakdale, PA.

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PostPosted: Sun May 24, 2009 12:19 am   Post subject:   

You are so defensive that you can't see that there are people who are trying to be of help to you. We're not question a military life insurance policy. We are questioning your understanding of how things work and specifically, the fact that how you have things structured will not accomplish what you want to accomplish.



Even if the military policy is what you think that it is, there are ways to accomplish what you want to accomplish. How you are doing it is not one of those ways.

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PostPosted: Sun May 24, 2009 11:47 pm   Post subject: insurance  

I DO have things "accomplished" the way I want them, ACCORDING to Military guidelines.

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PostPosted: Mon May 25, 2009 1:18 am   Post subject:   

If you want your friend to get EVERYTHING, then you do have things accomplished the way that you want them. Is this what you want?



By doing it this way, your son is entitled to the exact same amount that he would get if you named Insurance Expert as your beneficiary and InsTeacher as your contingent. He would get the same nothing. And, as an added bonus, you would be within military guidelines.

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PostPosted: Mon May 25, 2009 1:03 pm   Post subject: insurance  

I hope people are done being SMARTASSES,....................because I'm done with their BS.

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PostPosted: Mon May 25, 2009 2:42 pm   Post subject:   

What you are "SMARTASSES" and "BS" appears to be a bunch of anonymous people who care more about what happens to your son than you do.



Here is the thing, SDCharger. Actions speak louder than words. Our actions are designed to make sure your son gets the proceeds. Your actions are putting your son in the position where he will legally get nothing.

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PostPosted: Mon May 25, 2009 5:05 pm   Post subject:   

Well here is the main problem of proprty holder then.As per the rules it goes to the childerns or the relative nearby you.

But since you can see that if they are not having childern then with government rule the all money can go to the charity or bank.





If there is no designated beneficiary in the life policy then the benefit would be dictributed according to the statutory standard sequence defined in the particular state.This thing is also considerable as told by my frind here.

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PostPosted: Mon May 25, 2009 6:04 pm   Post subject:   

Quote:
Well here is the main problem of proprty holder then.As per the rules it goes to the childerns or the relative nearby you.

But since you can see that if they are not having childern then with government rule the all money can go to the charity or bank.
Shadowking, I have no idea this this means or how it pertains to this thread Confused



nor this..........
Quote:
If there is no designated beneficiary in the life policy then the benefit would be dictributed according to the statutory standard sequence defined in the particular state.This thing is also considerable as told by my frind here
particularly this word.."dictributed"



SD, I wasn't being a smart ass at all...nor was I throwing BS...all I want you to do is 'think' about the possibility of your friend dying before your son gets all the money from your life ins. and/or your 401K..that's all..


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PostPosted: Tue May 26, 2009 3:37 am   Post subject: insurance  

I wasn't 'pointing fingers' at you, LORI. But..I DO think it's obvious who IS being one ( or two..).

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PostPosted: Tue May 26, 2009 3:54 am   Post subject: insurance  

I just refuse to keep repeating myself.

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PostPosted: Tue May 26, 2009 10:34 am   Post subject:   

With how you currently have things arranged, do you think that your friend is legally obligated to give you son anything?



If the answer is "no", do you think that there is any harm in setting up things in such a way that would force some or all of the money to be used to benefit him?

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