What happens of the beneficiary on a life insurance policy is deceased?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What happens of the beneficiary on a life insurance policy is deceased?

Asked on January 9, 2014 under Insurance Law, North Carolina

Answers:

Gregory Abbott / Consumer Law Northwest

Answered 10 years ago | Contributor

It depends upon the wording of the beneficiary clause in the policy.  It either gets paid to the designated beneficiary's estate, to become part of the rest of the estate and distributed according to the terms of the Will or orders of the probate court OR it will just default to the next contingent beneficiary listed or, if none, to the estate of the deceased beneficiary.  It all depends upon the language in the policy and while Insurance companies, like everyone else, make occasional mistakes, they don't really care who they pay the money to, only that they pay it to the correct person so that they do not get sued and/or become liable themselves for the payout amount.  Thus they and their legal department are usually, almost always actually, right in who they pay it to, assuming that party jumps through the necessary paperwork hoops the insurance company will undoubtedly require - death certificate, proof you are who you say you are, claim forms, etc.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption