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 Posted: Thu Jul 23, 2009 5:56 pm Post subject: Preference Beneficiary?? |
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| If there was not a designated beneficiary on a life insurance policy(due to the death of the beneficiary)and there was no contigent beneficiary named, would the money go into the deceased estate or would it go by Preference Beneficiary ie., spouse then minor children, etc., Is there anyway that you could contest the Preference Beneficiary if there was what you thought just cause to? |
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bjamm1972
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| Posted: Fri Jul 24, 2009 6:24 am Post subject: |
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Preference beneficiary?!? I'm not familiar with this term 
I think in absence of a beneficiary, the death benefit of the policy would go to the estate and upon meeting the other clauses of probate the estate would pass to the heir of the deceased. |
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kelvin
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| Posted: Fri Jul 24, 2009 1:27 pm Post subject: |
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When my husband died our insurance company couldn't find his beneficiary form. They sent me paperwork to fill out and it stated if there is no beneficiary it will pay out the spouse first if there is no spouse then the children ect.
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| Posted: Fri Jul 24, 2009 6:54 pm Post subject: beneficiary |
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so if an insurance company loses the beneficiary form that i know my son was beneficiary on, what can i do
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valgirl
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JTInsure
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| Posted: Sat Jul 25, 2009 4:50 am Post subject: |
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Hello Valgirl, Can't you find the policy paper at home?
I would have contacted the insurance agent who had sold the policy to your husband and check if he could be of any help. |
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simon
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| Posted: Wed Aug 12, 2009 4:28 am Post subject: |
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Here in Missouri, it would go to the decedant's estate and eventually paid out to the surviving heirs after taxes and debts were paid.
A lot of things can just be paid to the beneficiary's surviving heirs without going through probate, but in Missouri anyway, insurance is not one of those things.
I hope that helps |
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mswatson27
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| Posted: Wed Aug 12, 2009 10:30 am Post subject: |
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mswatson, haven't we just spent a lot of time talking about this subject? It would only go to the estate if the policy had no preference beneficiaries. "Preference Beneficiaries" is what I keep referring to as "Default Beneficiaries". If there are preference beneficiaries and they are alive, it would get paid directly to them.
As for "beneficiary's surviving heirs", this situation only exists when the beneficiary is alive at death, but not alive when the death claim is paid. |
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InsuranceExpert
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| Posted: Wed Aug 12, 2009 11:40 am Post subject: |
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| Quote: | | mswatson, haven't we just spent a lot of time talking about this subject? |
THANK YOU! "IF" and only "IF" there is no default beneficiary claus in the policy then it goes to the estate, if there is...then it goes to the default beneficiarys..
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Lori
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| Posted: Thu Aug 13, 2009 2:25 am Post subject: insurance |
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| Now that the Experts on this forum have straightened me out on my Life Insurance policy.....'Primary, 'Secondary' ( and I thank you, again, for that..!!) please explain to me what 'Default' Beneficiary means. Am I missing something?! Thanks. |
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sdchargersfan
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| Posted: Thu Aug 13, 2009 4:17 am Post subject: |
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I'm just going to politely bow out of this discussion.  |
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mswatson27
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| Posted: Thu Aug 13, 2009 11:04 am Post subject: |
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| Quote: | | Now that the Experts on this forum have straightened me out on my Life Insurance policy.....'Primary, 'Secondary' ( and I thank you, again, for that..!!) please explain to me what 'Default' Beneficiary means. Am I missing something?! Thanks. |
I've been using the term "default", but the correct terminology is "preference" beneficiary. What happens if you die and there are no living beneficiaries? This is where "preference beneficiary" comes into play. An insurance policy is a contract. In this contract, it usually has language as to what happens if there is no living beneficiary. It will list the order in which the proceeds will be paid. For instance, it may say something along the lines of, "spouse, children, parents, sibling, estate".
Those are the preference beneficiaries. Let's assume that you die with a policy that has those as the preference beneficiaries. The beneficiary designation that you have on file with the insurance company is your sister, but she is deceased and you haven't named a contingent. If your
spouse is alive, he’ll get the money. If he’s dead, your children will get the money. If they’re dead, your parents will get the money. If they’re dead, your siblings will get the money. If they’re dead, your estate will get the money.
In short, a default beneficiary is a beneficiary that gets the money if no named beneficiary is alive. |
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InsuranceExpert
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| Posted: Fri Aug 14, 2009 1:46 am Post subject: insurance |
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OHHH...I get it!! Good explaination, thanks a bunch. And, of course, that's ANOTHER reason why you should have Beneficiaries named.  |
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sdchargersfan
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