Never Stop Smiling
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Yeah, very good idea, bless him. It is rare that you can be someone's beneficiary without being related to them but in this case it should be possible.
There is a (long) faq here
http://www.simplyinsurancequotes.com/Life-Insurance-Explained.php
and somewhere there you can find tons of links to dot gov sites with more info. |
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PJ
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You would not be held responsible for his debts. |
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Rod Blagojevich
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good idea and you will not be responsible |
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Derik T
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Give him your information. If he passes away, you get the money. You can bury him, burn him or whatever he wishes and you keep the rest of the money. The policy is not part of his estate because he named a beneficiary. If he had a policy without a beneficiary then his creditors could take the proceeds. I am a licensed life insurance agent. Trust me, give him your info. |
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cashloyal
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No you wouldn't be held responsible.. the debts would go thru probate court and his estate. You would just benefit and receive what comes after everything is paid. You can never be held accountable for someone's debts. Only your own. |
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mikymiky654321
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yes it would be good |
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bud68
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No - Being named an insurance beneficiary does not make you liable for his debts. On the other hand, do you trust him enough to give him that personal identity information? |
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Kaye L
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Sorry, what does it matter that he doesnt have any relatives in the United States?
Also, I have seen many, many death claims and the Social Security info isn't needed until the claim is paid. Something doesn't add up here. Even my own policy, doesnt ask for my beneficiaries SS #.
I agree with the other poster, it sounds as though someone is trying to scam you. Did they ask for your checking account info too? |
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dvdclarke
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yes i would |
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mbrcatz
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His debt is not inheritable. There's no problem with you being added as beneficiary. |
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hamsterbabies
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Debts are not tied to insurance policies. They are completely separate entities. |
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Wisen Smart
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Insurance laws in this respect are the same in all state. Insurance money proceeds go to the beneficiary and is not subject to any outstanding debts. I think you are a very lucky person. However, beneficiaries are normally by marriage (or common law wife/husband), blood or business. Ask your friend what relationship is being used. Make sure you get a copy of the policy showing you as the beneficiary and what relationship he is putting down. If he/she lies about this, you will not get any money, but if it is clearly stated you are just his/her best friend, then you qualify for the proceeds. |
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Insurance Pickle.com
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YES...become the beneficiary. The creditors can't touch the insurance money.
If you don't want to tell him to call me and I'll do it and then take him bungee jumping, skydiving, etc.. to celebrate our new friendship. |
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David S
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As the beneficiary of a life insurance policy, you would not be responsible for his debts should he pass away. |
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fun1
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1) Maybe his debtors could make claims against his estate (the value of the insurance policy), but they couldn't hold you responsible for more than the value of the policy.
2) Accepting the role of beneficiary might imply, or even require, that you handle his funeral and be his executor, whether he has a will or not. |
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