Preference Beneficiary??

by bjamm1972 » Thu Jul 23, 2009 05:56 pm

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?

Total Comments: 22

Posted: Fri Jul 24, 2009 06:24 am Post Subject:

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.

Posted: Fri Jul 24, 2009 01:27 pm Post Subject:

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.

Posted: Fri Jul 24, 2009 06:54 pm Post Subject: beneficiary

so if an insurance company loses the beneficiary form that i know my son was beneficiary on, what can i do

Posted: Fri Jul 24, 2009 07:26 pm Post Subject:

Most likely this would go to the estate as part of the probate process. It is very important to keep beneficiaries up to date on all retirement accounts and life insurance.

Posted: Sat Jul 25, 2009 04:50 am Post Subject:

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.

Posted: Wed Aug 12, 2009 04:28 am Post Subject:

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

Posted: Wed Aug 12, 2009 10:30 am Post Subject:

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.

Posted: Wed Aug 12, 2009 11:40 am Post Subject:

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..

Posted: Thu Aug 13, 2009 02:25 am Post Subject: insurance

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.

Posted: Thu Aug 13, 2009 04:17 am Post Subject:

I'm just going to politely bow out of this discussion. :oops:

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