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 Posted: Sun Feb 22, 2009 11:07 pm Post subject: my mother is in the |
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| my mother is in the hospital and changed her poa to me i was wondering how do we go about changing her life insurance beneficiary to me and my husband .it isn't much just enough to cover funeral expenses when the time comes.which according to the physician isn't long. how can we do this before she gets worse . right now she is aware of everything and wants it done but i dont know how to go about it . my is on it now and he is very abusive to her and this is the reason she wanted poa changed but she isn't in good health and we need to do it as soon as possible . |
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konie6
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| Posted: Sun Feb 22, 2009 11:38 pm Post subject: |
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| Get a beneficiary change form from her agent or the closest office and have your mother sign it now that she still aware of everything. I hope your mom will get better. |
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demsid
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| Posted: Mon Feb 23, 2009 6:09 am Post subject: |
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Who is the present beneficiary of the policy? You may face challenges from the current beneficiary regarding the status change.
Only the policy holder has the right to change the beneficiary name. And, your rights as the POA don't allow in making the changes in her policies, if not stated otherwise in the POA document. You may have to contact the agent to know the exact process of beneficiary change. |
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simon
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| Posted: Tue Mar 10, 2009 8:55 pm Post subject: |
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| Yes, definatley have the insurance agent advise you on the beneficiary change but if you can not contcat the agent in time I would not hesitate to call the insurance company directly, infact it might be better to call them directly because if there are any specific stipulations the agent will have to call them to find out anyway. Skip the middle man and go directly to the source in the case. |
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wwwsimplyinsuremecom
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| Posted: Wed Mar 11, 2009 3:38 am Post subject: |
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| As a side note, also be advised that your POA will cease upon her passing. Many clients believe that they will be able to handle affairs based on the fact that they are power of attorney, but they don't realize the authority stops. A consultation with an estate attorney can be wise, even if there aren't very large assets. |
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ChrisBantly
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| Posted: Wed Mar 11, 2009 4:36 am Post subject: insurance |
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| Quote: | | As a side note, also be advised that your POA will cease upon her passing. |
I thought the POA is the one that handles who gets what (ie..Life Insurance, Property,etc.). |
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sdchargersfan
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| Posted: Sat Mar 14, 2009 9:31 am Post subject: |
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Hi konie6
Contact the life insurance company your mom has insurance with. Tell them your mom would like to change the name of the beneficiary. You will be required to put a request in writing. Is your mom in a condition to do that? Normally the insurance company has a form that the policyholder needs to fill out where he/she can mention the change of beneficiary and then the insurance company will take care of the rest.
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sil
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| Posted: Sat Mar 14, 2009 9:36 am Post subject: |
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I have heard that if the beneficiary has been mentioned as irrevocable, then it will be hard to change the name unless the policyholder has the consent of the mentioned beneficiary. If whoever konie6 has mentioned to be on the policy is being bad to her mom, I hope he will agree to get his name replaced. Konie find out if it is an irrevocable beneficiary. However, hope your mom gets well
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Miranda
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| Posted: Sat Mar 14, 2009 11:02 am Post subject: |
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| Is her insurance company local, will they send an agent to the hospital for a meeting? I believe that some will. |
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goodnatured
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| Posted: Sat Mar 14, 2009 11:44 am Post subject: |
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Hey, what is irrevocable policy? I'm aware of the term irrevocable life insurance trust, but irrevocable plan is a new term for me.
Would anyone care to explain the thing to me? |
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jeorge
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| Posted: Sat Mar 14, 2009 12:52 pm Post subject: |
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| Quote: | | I thought the POA is the one that handles who gets what (ie..Life Insurance, Property,etc.). |
no not necessarily...a power of atty allows the holder to handle certain things but not make the decision about distributing assets...unless a will has this in it...or there is a trust and they are trustee, or the executor of the will..
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Lori
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| Posted: Sun Mar 15, 2009 10:52 pm Post subject: |
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Hello jeorge, An Irrevocable beneficiary is a term used when the insured must have the consent of the beneficiary to remove them and place another name as the beneficiary. It is used occassionally in divorce situations where the husband must get life insurance for the children and must make the ex wife the beneficiary. I am sure that there are members in this forum that could possibly explain it in more detail. However, this is what I have done in the past with some clients.
Michael |
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FindYourPolicy
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| Posted: Mon Mar 16, 2009 6:37 am Post subject: |
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Thanks Micheal for explaining it to me. Surely there is lot left to learn in this field. 
I think we can summerise it to the legal binding on the policy holder when she/she has been instructed by the court of law to maintain a policy on certain individual, right? |
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jeorge
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| Posted: Mon Mar 16, 2009 1:17 pm Post subject: |
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Yes, I believe you are correct. If the courts instruct a person to have a specific individual listed as a beneficiary then there is not much you can do about it.
Michael |
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FindYourPolicy
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| Posted: Mon Mar 16, 2009 10:35 pm Post subject: |
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| why would someone have an irrevocable power of attorney? Never heard of that, I used to have temporary power of attorney when I was in the service, but they were always revocable. |
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goodnatured
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