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Confusion | Life Insurance beneficiaries and contingents.? |
I’m getting an additional life insurance policy through my work and I’m listing the beneficiaries as: my daughter 75% and my sister 25%. I already have a larger policy w/my daughter at 100% and on that policy I have my sister as the contingent.
My question is regarding to the first policy. If my sister is listed as a Beneficiary at 25% and something happens to both my daughter and I together, would my sister then get 100% of that policy even if I list someone else as the contingent at 100%? Would the contingent on that specific policy only receive the benefit if something happened to my sister? |
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Suzanne: YPA
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If you and your daughter die together and there's no documentation showing which of you died first, state insurance laws and the provisions of the policy will determine what happens to the money.
Some policies state that a beneficiary who dies with the insured is deemed to have died AFTER the insured and therefore the money goes to that beneficiary's estate; other states (such as mine) consider both to have died at the same time, and the benefit goes to the insured's estate (of course, your sister would receive her share).
I'm not aware of ANY state that would deem your sister to be entitled to 100% of the proceeds.
If you want a definitive answer, I suggest contacting your state's insurance commissioner's office; an expert there will be able to tell you if there are any statutes or regulations regarding this subject. |
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jonesy634
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The only time anything would be paid out to a contingent is if there are no surviving primary beneficiaries left. In your example, if something happened to you and your daughter, your sister would receive the whole 100%, even if you had a contingent beneficiary. |
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pro_v_0003
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the best way to address this particulay instance, is to establish a will, and living trust. you can specify everything to a tee in that. to answer your question, your sister would recive her 25% and the contigent would recive the rest. how old is your daughter. depending on your state if she is under 18 the money could be held and not paid until she turns of age, this is why i suggest a will, and living trust, becuase you want your daughter to be taken care of if you pass, and you also want to make sure she gets the money however you won't be here to make sure that happens. for more info, or if i can be more assistance feel free to contact me. |
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M P
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This is a question you should be asking of your insurance rep. I don't know why you are bothering with all this % stuff. Why not change your beneficiary for each one to be separate - one for your daughter & one for your sis with a 1st contingent on each of those? Also, have you done a living, revocable trust to cover the details upon your demise? It really makes it easier for your survivors. As gruesome as it may sound paying/making funeral arrangements now sure saves a lot of stress for your loved ones. You should include that in your trust along with who gets what items/cash. We also have our house & cars in the trust so there are no details left hanging. |
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Christie
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Typically you list 2 beneficiaries. If your first beneficiary is deceased, the 2nd beneficiary would receive all the proceeds.
Unless the policy allows you to add another contingent beneficiary to the policy, your sister would get all of the proceeds in the event your daughter was not alive to collect at the time of your death. |
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