Does a life insurance policy have to be revealed to anyone

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PostPosted: 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.

lifegoeson
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PostPosted: Wed Oct 22, 2008 8:22 pm   Post subject:   

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.



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PostPosted: Wed Oct 22, 2008 9:11 pm   Post subject:   

life insurance is great beacause the benificiary receives the money tax-free



and really they don't have to be notified if you don't want them but you do have to sign for it

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PostPosted: Wed Oct 22, 2008 11:38 pm   Post subject:   

Wish I said that.



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PostPosted: Thu Oct 23, 2008 12:16 am   Post subject:   

Quote:
Wish I said that
snot... Wink


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PostPosted: Thu Oct 23, 2008 12:59 am   Post subject:   

Quote:
snot... Wink




Moi?


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PostPosted: Thu Oct 23, 2008 5:03 am   Post subject:   

Quote:
and really they don't have to be notified if you don't want them but you do have to sign for it




Who? The beneficiary?



Is it possible for any third party to decide not to inform the beneficiary about the receivables?



Sorry, but this part is not very convincing to me. Would you explain it little more for me, FarmAHam?
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PostPosted: Thu Oct 23, 2008 9:14 am   Post subject:   

Quote:
Moi?
weeeeeeeeeeeee (sorry don't know how to really spell it... Rolling Eyes )


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PostPosted: Thu Oct 23, 2008 11:26 am   Post subject:   

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".

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PostPosted: Thu Oct 23, 2008 11:29 am   Post subject:   

you're not lost that's exactly correct...



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PostPosted: Thu Oct 23, 2008 2:18 pm   Post subject:   

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.



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PostPosted: Thu Oct 23, 2008 3:01 pm   Post subject:   

Quote:
weeeeeeeeeeeee (sorry don't know how to really spell it... Rolling Eyes




Psst....Oui.


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PostPosted: Thu Oct 23, 2008 4:21 pm   Post subject:   

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

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PostPosted: Thu Oct 23, 2008 4:48 pm   Post subject:   

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.



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PostPosted: Thu Oct 23, 2008 8:40 pm   Post subject:   

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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