Contingent Beneficiary: What rights does he have?

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PostPosted: Sun Apr 05, 2009 7:38 pm   Post subject:   

"What would happen if the primary beneficiary dies soon after the policy holder passes away. Can't the contingent beneficiary claim for the benefits now?"



The contingent would not get a thing. All of the money will belong to the primary beneficiary.
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PostPosted: Thu Apr 23, 2009 6:37 am   Post subject:   

What if the primary beneficiary dies like 1 month after the money has been paid to them and before they can spend it, do the contingent beneficiries have a right to the money especially if the contingents were children of the primary?


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PostPosted: Thu Apr 23, 2009 9:39 am   Post subject:   

No. The contingent would still not get a thing. 1 day. 1 month. 1 year. 10 years. None of it matters. If the primary beneficiary dies after the insured, the primary beneficiary gets everything. This is true even if the primary beneficiary dies before the death claim is paid.

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PostPosted: Thu Apr 23, 2009 10:03 am   Post subject:   

Once the death benefit is paid to the primary beneficiary the contingent beneficiary status would get void. The money would then get attached to the estate of the primary beneficiary if (s)he dies soon after receiving it. The contingent beneficiaries wouldn't receive the policy proceedings.



The contingent beneficiary status is viable only if the primary beneficiary pre-decease the policy holder.



Thanks,

Rupert

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PostPosted: Thu Apr 23, 2009 12:12 pm   Post subject:   

The contingent beneficiary would be waived before this point.



Ex. Insured dies today. Primary beneficiary dies tomorrow. 6 months from now, the contingent beneficiary files a death claim. The contingent will get nothing. 100% of the money would get paid to the family of the primary beneficiary.



All that matters is who is alive at time of death.

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PostPosted: Sat Apr 25, 2009 5:50 am   Post subject:   

Oh okay thanks.


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PostPosted: Mon Oct 05, 2009 7:54 pm   Post subject: Life Insurance policy  

If both the primary and the contingent beneficiaries are deceased, (the contingent person passing first) will the policy holder's estate receive the proceeds? Thanks.


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PostPosted: Wed Oct 07, 2009 7:27 pm   Post subject:   

The answer is maybe. The policy may have default language for this situation. For instance, in some policies, it would go to the policy owner. The owner and the insured don't have to be the same person.


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PostPosted: Thu Oct 08, 2009 5:55 am   Post subject:   

Yes, I guess it goes to the estate. It would then be up to the estate executor to decide who should get it and what would be the right time to get the money dispersed.

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PostPosted: Tue Jan 26, 2010 7:12 pm   Post subject: Life Insurance  

What if more than one beneficiary is named at the initial start of the policy. If the carrier dies, do all three get equal shares? And does status of who you were in relation to the policy holder (i.e. Wife as opposed to children). How does this work?


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PostPosted: Tue Jan 26, 2010 7:17 pm   Post subject:   

Is there anyone here to answer this question, please?

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PostPosted: Tue Jan 26, 2010 7:37 pm   Post subject:   

Lori2, your use of language is making it difficult to decipher your question. By "carrier", do you mean "insured"? The primary beneficiaries will receive money based upon how they are listed in the application or any subsequent changes. They may get equal shares. They may get unequal shares. Relationship doesn't matter.

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PostPosted: Wed Jan 27, 2010 2:01 am   Post subject:   

Relationship to the owner does not dictate how benefits are paid. It will depend on how the owner of the contract planned out benefits to be paid. The insurance company will pay according to that directive.

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PostPosted: Wed Jan 27, 2010 5:51 am   Post subject:   

Keep in mind State by State rules.

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PostPosted: Thu Feb 25, 2010 1:19 am   Post subject: primary beneficiary  

My father passed away in 2005, four years after he died I saw a letter my mother had that said primary beneficiary in bold letters and my name was under primary beneficiary, I asked my mother to let me see it in full but she did not let me see it, how do or where can I go to find out for sure.


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