Can irrevocable beneficiary be changed?

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PostPosted: Sat Jul 31, 2010 10:42 pm   Post subject: insurance  

"Sign off on the change?"......are you talking about the CURRENT Beneficiary and the owner of the policy?

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PostPosted: Sun Aug 01, 2010 1:56 am   Post subject:   

An irrevocable beneficiary has a "vested interest" in the contract of insurance. They can only be removed with their written consent, or by their death.



If a beneficiary is not irrevocable, then it may be changed at any time by the policyowner.



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PostPosted: Sun Aug 01, 2010 2:40 am   Post subject:   

Quote:
"Sign off on the change?"......are you talking about the CURRENT Beneficiary and the owner of the policy?




If the beneficiary of the life policy is irrevocable then yes, they have to consent to being removed as the beneficiary. The owner would have to "consent" to a change, but the owner would most like be the person making the change.



If the beneficiary is not an irrevocable beneficiary thant there is no consent on their behalf needed to remove them as beneficiary, or change their status as beneficiary (e.g. moved from primary to secondary, or have another beneficiary added that they then share the benefit proceeds with).
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PostPosted: Sun Aug 01, 2010 1:10 pm   Post subject: insurance  

So.........if the Irrevocable Beneficiary does NOT consent, then is there something the owner of the policy do to remove them? I'm sure this has to be some kind of specific circumstance to do this, however.

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PostPosted: Sun Aug 01, 2010 2:13 pm   Post subject:   

Correct, if the irrevocable benficiary does not consent, then the owner cannot remove them, or make beneficiary changes that effect their rights to the death benefit.



In addition to this, the irrevocable beneficiary would receive notice of lapse or potential lapse due to non premium payments.



The most common circumstance for this arrangement is typically a divorce situation where a spouse needs to buy life insurance and name the ex spouse the beneficiary. This would ensure that the beneficiary is not taken off the policy and can ensure that the policy remains in force for the required period of time.

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PostPosted: Sun Aug 01, 2010 11:52 pm   Post subject:   

Quote:
So.........if the Irrevocable Beneficiary does NOT consent, then is there something the owner of the policy do to remove them?




Other than by their written consent, the only way an irrevocable beneficiary can be removed by the owner of the policy is as the result of their death.



For the policyowner to "be involved" in that could be a crime.


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PostPosted: Mon Aug 02, 2010 11:49 am   Post subject: insurance  

I'm sure you have heard 'horror stories' on how people try to 'remove' OTHER people from Insurance policies. Or..how far (I.E..) spouses will go to get their 'other halfs' Insurance money. Being in the Military, I hear it ALOT. It's sad. The Service Member has served our country and their spouses were involved in their deaths..somehow. The Army Times has alot of those 'horror stories'. Sad

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PostPosted: Thu Aug 19, 2010 4:04 am   Post subject:   

Stop hack the program!!!


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PostPosted: Thu Feb 17, 2011 10:12 am   Post subject: Irrevocable Beneficiary  

What can be done if there is elder abuse going on, and the irrevocable beneficiary is the one who is doing the elder abuse? Can the beneficiary be changed?


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PostPosted: Thu Feb 17, 2011 2:05 pm   Post subject:   

If you are in California, matters involving elder financial abuse are investigated and prosecuted by the local county district attorney's office. Contact them for assistance.



Cannot speak for other states, as I believe only California has a true elder financial abuse law (I could certainly be mistaken on this).



Irrevocable beneficiaries are nearly impossible to remove, but if declared to be "disqualified" as the result of criminal intent/activity, then the policy's beneficiary would revert to the estate or a named contingent beneficiary.



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PostPosted: Mon Apr 25, 2011 6:32 pm   Post subject: beneficiary of a CD account  

I am the beneficiary of a CD account (POD) paid on death. The owner of the account has deceased. I have in my possession the original copy of the CD, but when I went to the bank to check on the account, they couldn't find a record of it. What would you suggest that I do?


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PostPosted: Fri May 06, 2011 12:17 pm   Post subject:   

Sorry for not seeing this sooner.



Your remedy lies in the bank's regulator -- they are either regulated by the state or by the federal government's Comptroller of the Currency.



For the bank not to have any record of this account is beyond comprehension, but not unbelievable. After all, they continue to make money on the liability until it goes off the books. The longer they can stall, the more money they make. If this turns out to be a "general business practice" (which is prohibited), you could be in line for additional damages.



Quote:
What would you suggest that I do?




Determine who the regulator is and file a formal complaint.


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PostPosted: Mon Jul 25, 2011 4:14 pm   Post subject: irrevocable beneficiary  

my mother and father had a life insurance policy on my father with a irrevocable beneificiary as my mother i was put on as contingent beneficiary...my mom died in 2008 and my father changed the contingent beneficiary and the beneficiary...it was to my understanding you need the beneficiary's signature to change and irrevocable policy....is that null and void if the beneficary dies before the insured??


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PostPosted: Wed Jul 27, 2011 3:02 pm   Post subject:   

Should be, but insurance law is more state specific, so you'd be wise to check with someone in the state of NJ. I'd go to the Dept of Insurance and ask. Again, now that the irrevocable beneficiary is deceased, changes should be allowable so long as you were never named an irrevocable beneficiary.

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PostPosted: Mon Aug 01, 2011 6:24 pm   Post subject:   

When an irrevocable primary beneficiary dies, the policyowner is free to name a new primary beneficiary. The new beneficiary does not need to be irrevocable. A contingent beneficiary is not usually named as an irrevocable beneficiary. But even if they were, the primary beneficiary could lawfully be changed without their permission or knowledge, because a contingent beneficiary is not automatically elevated to primary during the lifetime of the insured. A contingent beneficiary is only in line to receive money if there is no surviving primary beneficiary at the time of the insured's death.



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