If The Beneficiary of a Life Insurance Policy Is Dead
Think of your primary beneficiary beforehand, when buying a life insurance policy. It is also wise to designate a contingent beneficiary to be sure that if the primary beneficiary dies, there would be a successor.
Possessing life insurance quotes online provides peace of mind to the insured, knowing that his / her death will not cause financial difficulties to loved ones left. Upon the death of the policy holder, the insurance company requires legally acceptable proof of death before paying the claim. Normally, a death certificate and the insurance company claim form completely filled out, signed and notarized would be enough.
If The Beneficiary Is Dead
It has been a general practice that if the beneficiary is dead, the proceeds would go to the contingent beneficiary who is an individual entitled to receive the benefits of a life insurance quotes online if the primary beneficiary is dead. If there is none, it goes to the trust or estate of the insured policy holder. The service of an attorney is needed to handle this kind of situation.
A contingent beneficiary is only secondary to the primary beneficiary. He or she can have the right to claim the proceeds from the insurer if the latter is deceased or unable to receive the proceeds for other reasons. A contingent beneficiary can also be a Trust or Estate designated by the insured to be the recipient of the assets in the event that the primary beneficiary is dead.
What Makes A Primary Beneficiary Powerless?
1. Death – number one reason is death of the primary beneficiary.
2. Failure on the part of the primary beneficiary to follow restrictions attached to the will of the insured.
Getting life insurance policy will require you to have a primary beneficiary and also to assign a contingent beneficiary. Upon your death, the complete face value of your policy will go to your primary beneficiary. The contingent beneficiary is secondary; if there is no contingent beneficiary the trust or estate is next in line.