Posted: 18 Aug 2007 10:27 Post Subject: enlist properly
Hi! It is quite natural for us guys to name some of our close relatives as beneficiaries in our policies!
These are the people who'll receive our death benefits when we pass away. In case we forget to name some of our close relations then confusions may certainly arise! It may sometimes happen that we forget to enlist our former life partners thereby leaving other family members bare handed. It is then that the confusions arise...I think we should always inform the beneficiaries of our polices about our intentions from time to time.
Hope thats perhaps the best way! Fatman
Posted: 18 Aug 2007 11:20 Post Subject: legal trust
The options for such disputes are very rare....suppose you have named your first spouse as your beneficiary and dejected or somehow missed the name of your second spouse in this regard. Then the latter always has the right to challenge your decision in the court of Law.
Now in that case your second spouse has to let your insurance company know of her decision so that the insurer would contribute the benefit to some legal trust under the court, who in turn would decide the necessity of such a challenge. Hope that helps, Biancapranco
Posted: 18 Aug 2007 12:20 Post Subject: hi
Yupp...but then this challenge has to be backed with enough evidence I believe!
Posted: 20 Aug 2007 11:48 Post Subject:
You ask your questions about "when choosing" a beneficiary. If you are buying a policy that insures your own life, the law states that legally you may name anyone you like as your beneficiary. Keep in mind that the insurance company has the right to disallow a particular person as the beneficiary. The insurer is normally looking for what is referred to as an "insurable interest." This is a concept that states that in order to benefit from payment out of a policy, you must have some financial or familial relationship with the insured.
There aren't many states that require you to name your spouse as the beneficiary on a LIFE INSURANCE policy. Those who are claiming that it must be a wife (ex or otherwise) could easily be confusing it with qualified plan beneficiaries, like who would get your 401(k) money if you died. Just about all states require that person to be your spouse, unless your spouse has "signed off" on this requirement.
If a court states that you must name your current or ex-wife as your beneficiary, it most likely has to do with a divorce proceeding and that you have minor children in the household. Please...do NOT ignore a court order. I have seen some really ugly ramifications for those who ignore court orders!
Hope this helps, and I would be glad to clarify if you need!