Going against a Life policy beneficiary!

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PostPosted: Fri Mar 09, 2007 5:00 am   Post subject: Going against a Life policy beneficiary!  

Yeah, this one seems to be quite an active platform for insurance discussions!

I'd just like to know the grounds under which we may question or fight a life insurance beneficiary. Please explain. Rhonda Jones.


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Rhonda Jones
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PostPosted: Fri Mar 09, 2007 5:44 am   Post subject: Welcome to the forum community!  

Hi there! I believe its solely upto the policyholder to alter the beneficiary or describe his beneficiary. Once he passes away, it would be quite an uphill task for anyone to call on a dispute.

Welcome to the forum community.

Sasha.

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PostPosted: Fri Mar 09, 2007 6:07 am   Post subject: a legal battle..  

My friend, the instances of a life policy beneficiary getting disputed are really very rare.

But still I'd like to mention over here some instances for your benefit. Lets assume a scenario where in a man passes away leaving his former wife as the beneficiary to his policy. Its time when his present wife could question the beneficiary designation and seek a review.



Similarly, I may have the opportunity to describe another situation where in a gentleman has four children and he dies in an accident before including the youngest son as a beneficiary. Under both circumstances the contenders have to notify it to the insurance company and it could be a long drawn legal battle.



Thanks,

ArindamSenIndies.

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PostPosted: Fri Mar 09, 2007 6:29 am   Post subject: whats are the rights of the company ??  

Hey guyz...if the instances are so few...I'd truly love to know how much does fall within the purview of the insurance company ??

regards, Tony Fitzpatrick


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PostPosted: Fri Mar 09, 2007 6:47 am   Post subject: yeah they are few..  

Hi yeah!

Tony, the instances are real few and I'd love to tell you in this regard, that the the insurance company can't really act as the judge at all these scenarios.

Once the prospective contender submits his petition with the insurance company, its then the company's duty to convey the life policy benefit to a trust supported by a state court. Once thats done, then its up to the court to decide the legitimacy of that petition.

Good luck!

Dolma Alvarez


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PostPosted: Thu Mar 15, 2007 2:35 am   Post subject:   

From my experience the owner is the only one that can change a beny..and a life policy is a contract so what it says on the dotted line is what usually sticks....



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PostPosted: Sat Sep 15, 2007 11:28 am   Post subject: Welcome to the forum!  

Hi Lungile Mkhize,



Your post has been shifted to the following url: http://www.ampminsure.org/manage/about3097.html

Thanks for joining us,

Lakemen



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PostPosted: Thu Jun 05, 2008 4:32 pm   Post subject:   

Yeah, they are right. The owner has the right to change the beneficiary. The life insurance company cannot do anything if the owner just put one child as the beneficiary of the life insurance proceeds. Maybe, it will be settled by the family itself.

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