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sis-t | What happens if the policy owner dies, before the insured person? |
my husbands mother passed away, and while going through her belongings, we found a life insurance policy on my husband, that has been paid in full. She was the only beneficiary, on that policy, her husband is deceased also. The policy has a face value of $6500.00, who gets that money? |
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Margarita D
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Since your husband is still alive the policy cannot yet be paid out so no one gets that money yet. However, since your mother in law was the owner of the policy it is an asset (i.e. since the policy is paid in full it has a cash value) that must be submitted to probate so that the court can assign ownership to someone else. Probate should be fairly simple if she left a will and designated an Executor. If she died intestate (without a will) then probate becomes more difficult. You can file for probate without an attorney (the probate court will walk you through the process but they cannot give you legal advice). However, you still should probably consult an attorney especially if your mother in law's estate was large or complex.
Also note that the policy does not end just because the beneficiary or owner of the policy dies. The policy ends under 3 circumstances--1) the insured dies and a claim is filed and paid; 2) the policy is cancelled for non-payment or 3) the policy is relinquished by the policy owner.
I am sorry for your loss. And wish you and your husband good luck. |
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aaron p
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No one receives that money yet. The insured is still alive!! Check to see if a contingent owner was named (unfortunately this is rare). If not, then ownership of this policy would be passed on like any of her other assets (trust, will, intestacy).
The most likely scenario is that your husband will end up owning this policy, but your mother-in-law's estate will actually be the one to dictate ownership. Once the ownership issue is clarified, the new owner has the right to change the beneficiary as they see fit. |
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Expert Realtor
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No one. When a person buys a life insurance policy on another, and the beneficiary dies, then the policy ends because there is no longer a beneficiary. |
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LifeInsuranceAgent
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If there was a contingent beneficiary on the policy, that person would receive the proceeds.
If not, the ownership passes through the estate...check to see if it was accounted for in probate, or by will, etc. |
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Bryn Reid
 |
There has to be a contingent beneficiary on the policy, otherwise the money goes to the estate or possibly to nobody! It depends on the terms of the policy. I could analyze it if you would like. Email me back at team_hopesanddreams@yahoo.com. |
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stephenweinstein
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Probably her estate. |
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mbrcatz
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Depends on the policy. Either it goes to your mother's estate, or it goes to your husband's estate. |
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2insure4less
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In most states that money will go to her estate unless there is a secondary person noted on the policy.
Source(s):
For more insurance FAQ go to http://www.2insure4less.com |
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