Posted: Wed Oct 22, 2008 7:55 pm Post subject: Does a life insurance policy have to be revealed to anyone
Does the life insurance policy have to be revealed to anyone other than the sole beneficiary? Can it be taxed? Thank you any info or links --are appreciated. Having a hard time finding info. Maybe I am not asking the right questions.
Life insurance needs only be signed by the insured. He/she can name a beneficiary without the beneficiary ever knowing about it.
All proceeds from life insurance are tax-free. _________________ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
snot... _________________ **************************************
Life gaurantees a chance NOT a fair shake
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FIND a way EVERY day to lighten the load of another
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weeeeeeeeeeeee (sorry don't know how to really spell it... ) _________________ **************************************
Life gaurantees a chance NOT a fair shake
**************************************
FIND a way EVERY day to lighten the load of another
**************************************
I'm lost...I don't think the insured has to tell anyone squat...thats why everyone is always asking that age old question "How do I find out if they had life ins".
you're not lost that's exactly correct... _________________ **************************************
Life gaurantees a chance NOT a fair shake
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FIND a way EVERY day to lighten the load of another
**************************************
Ditto. The insured sits down with the agent. The insured appoints the beneficiary and the agent notes it on the application. The insured signs the application. The insured takes all the meds test. The insured has the poilcy delivered to them.
Finito.
I have had cases where the insured doesn't want the beneficiary to know right away. In once instance, he specifically said that he wants the money going to his "responsible" child; not his deadbeat kid. I asked if he thought that would cause a problem when he passed away, his reply was,
"What do I care, I'll be dead."
Brutal...but honest. _________________ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
I appreciate all the quick replies and light humor.
Here is what I meant to ask... Since I am "the only responsible child" and sole beneficiary of (Mothers) life ins policy, can this be kept confidential??
Otherwise, the deadbeats and flies will be coming out of the woodwork.
Thank you
No one will know unless you or your mom tells them.
Now, when your mom passes, I can guarantee you will be contacted by others because they know you are the "responsible" one wanting to find out if there is a policy. _________________ Life moves pretty fast. If you don't stop and look around once in a while, you could miss it. - Ferris Bueller
Oh believe me there will be plenty "deadbeats" crfawling out of the woodwork...friends..family ..you name it.. My first hubby never had so many friends until he died. The instead of going away and letting me try to move on I had all kinds of "requests" I sure would like to have....
Never got them far since we had to sell almost all the extras to pay for cancer treatments.
Best thing to do here is just prepare yourself..you will have a lot to deal with when this does happen so getting prepared in advance for "deadbeats" and how to get rid of them would be a good idea.
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