Agent told that after 5 years( 10,000 p a x 5 yrs) , she will get 8,000.00/pm as pension. So please confirm the details regarding pension( 8000 pm)....
Because of a condition ( sckitzophenia ) , the only reason I have ever had health insurance is because I have lied about my condition. As soon as the "s" word comes up I am either canceled ...
My father is a retired mechanic(owned his own business). He is 61 years old(62 in february) He is a wisconsin resident. He has a home with equity but the home is his only asset. He didn't ...
I have an independant insurance agency in Arkansas and would like additional sources of income. What business would be profitable and co-exist smoothly together?...
Idont know which policy is good and plz also tell me if i do a insurance after how munch time i can claim for that?which is smallest time priod policy and how much i have to invest for that. A...
I came to know that Single trip family travel insurance is really something to watch-on before you out on a tour.In India people do purchase health insurance and purchase medical insurance. How good ...
Whoever is named as beneficiary on the policy - which according to you, is the wife.
luckyzimmy
Insurance goes to the beneficiary you name. The will cannot change the obligation that the insurance company has to you under contract.
These days, a lot of insurance benefits will be paid out to total strangers, because people are being sold insurance for 'investment purposes' for investors.
I have done this myself in the past when I received a lump sum payment to sell the policy to an investor. It was going to lapse anyway, and I thought it to be a good idea. Now there is someone I don't even know who will be a beneficiary to that insurance.
Huzzah!
oskeewow13
Insurance is a business contract. Only the named beneficiary can collect the payment. But you may want to read the fine prints on the particular insurance you're talking about.
Jen C
When my dad died 5 years ago (no will) it turned out he'd never changed his beneficiary on his insurance from the 70's and my mom was still named (his commonlaw at the time, they never married, and they split in the 70's) . She got the $, no hassle, no problem, and split it equally with us kids.
Susan C
Life insurance avoids probate. No need for a will for the life insurance The beneficiary will get the money
shiprepairwoman
A common law wife is the same as any other wife it is just a strange thing a few states have. Beneficiaries get insurance and some other assets will pass to joint owners. If you wife can't prove she is a common law wife she may not get other assets they would go to next of kin or whatever state laws you have.
You should get a will to be sure you wishes are honored. I don't know if you can marry in a court or church if you are already married common law but if you can you should.
I am lucky my state doesn't have common law marriage so we know if we didn't get married we aren't married.
I have been shacking up 21 years but wouldn't want to be a common law wife.
frootbat31
I'm no expert, but I believe the 'estate' goes into probate, then the state decides who gets what. Normally creditors will get paid first.
http://en.wikipedia.org/wiki/Probate#Steps_of_probate explains a bit of that process.
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