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If you get life insurance, do you have to tell the beneficiary?
I am changing the beneficiary for my life insurance from my aunt to my sister. Do I now have to inform my sister? What happens if I don't inform the beneficary? will the be contacted somehow?
You don't have to....but why wouldn't you tell her? Don't you want her to benefit from the policy if the unthinkable happens? I would only NOT tell her if you think she may try to kill you for the insurance money. But if you think that, then you probably wouldn't be naming her as beneficiary I'm thinking.
safjbielabglv
You don't have to say. They will contact her.
JOHN B
No. You do not have to contact the beneficiary to tell them they are named in the life insurance policy. But often, the insurance company will require a full name and current address, a relationship to you (if any), and a date of birth, to verify the exact person who is to receive the death benefits under the policy.
Even though you do not have to notify the beneficiary, you should have information for your next of kin, or whoever you choose to be executor of your will (and you should have a will). You should notify them of the location of the will, the insurance policy, and, in a separate letter, the location and addresses of things like your bank accounts and branch address of the banks, and the location of the insurance policy or policies. You should also have a letter directing things such as burial and funeral requests.
pervez
Technically you do not need to tell the beneficiary but it is good idea of keeping him/her informed.
Just imagin, no one knows about your insurance then after your death who will make a claim?
It is not surprising why there is "unclaimed" fund being serviced by the life insurance companies.
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