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 Posted: Sun Apr 05, 2009 7:38 pm Post subject: |
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"What would happen if the primary beneficiary dies soon after the policy holder passes away. Can't the contingent beneficiary claim for the benefits now?"
The contingent would not get a thing. All of the money will belong to the primary beneficiary. |
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InsuranceExpert
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| Posted: Thu Apr 23, 2009 6:37 am Post subject: |
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What if the primary beneficiary dies like 1 month after the money has been paid to them and before they can spend it, do the contingent beneficiries have a right to the money especially if the contingents were children of the primary?
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Wondering
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| Posted: Thu Apr 23, 2009 9:39 am Post subject: |
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| No. The contingent would still not get a thing. 1 day. 1 month. 1 year. 10 years. None of it matters. If the primary beneficiary dies after the insured, the primary beneficiary gets everything. This is true even if the primary beneficiary dies before the death claim is paid. |
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InsuranceExpert
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| Posted: Thu Apr 23, 2009 10:03 am Post subject: |
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Once the death benefit is paid to the primary beneficiary the contingent beneficiary status would get void. The money would then get attached to the estate of the primary beneficiary if (s)he dies soon after receiving it. The contingent beneficiaries wouldn't receive the policy proceedings.
The contingent beneficiary status is viable only if the primary beneficiary pre-decease the policy holder.
Thanks,
Rupert |
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RupertWBradson
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| Posted: Thu Apr 23, 2009 12:12 pm Post subject: |
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The contingent beneficiary would be waived before this point.
Ex. Insured dies today. Primary beneficiary dies tomorrow. 6 months from now, the contingent beneficiary files a death claim. The contingent will get nothing. 100% of the money would get paid to the family of the primary beneficiary.
All that matters is who is alive at time of death. |
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InsuranceExpert
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| Posted: Sat Apr 25, 2009 5:50 am Post subject: |
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Oh okay thanks.
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Wondering
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| Posted: Mon Oct 05, 2009 7:54 pm Post subject: Life Insurance policy |
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If both the primary and the contingent beneficiaries are deceased, (the contingent person passing first) will the policy holder's estate receive the proceeds? Thanks.
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Understanding the laws
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| Posted: Wed Oct 07, 2009 7:27 pm Post subject: |
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The answer is maybe. The policy may have default language for this situation. For instance, in some policies, it would go to the policy owner. The owner and the insured don't have to be the same person.
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ajslfjwa0rfo
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| Posted: Thu Oct 08, 2009 5:55 am Post subject: |
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| Yes, I guess it goes to the estate. It would then be up to the estate executor to decide who should get it and what would be the right time to get the money dispersed. |
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steven
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