How Wise Would It Be For A Life Insurance Beneficiary To Pay Off Her Husband's Debt?

Mar 02, 2009 by John W | Posted in Insurance

Take as given her husband has generated a good worth of cash value in the blank of his life insurance proceeds, but has also left a considerable burden of debt behind! Now, its sincerely tough for her to decide about what to do with the policy proceeds.

The husbands level has to pay his debts. Just because he's dead, does not mean the folks he owes profit to get stiffed.

So, either use some of the life insurance proceeds to do it.....or liquidate his estate to do it. Either way, his in financial difficulty gets paid.

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Same Insurance Question Regarding Unsigned Beneficiary Form But New Info.?

Jan 02, 2008 by ELIZABETH C | Posted in Insurance

My mom passed in Oct. She had a group life insurance policy that the employer provided to her at no outlay. In the past 10 years my mother submitted to the employer updated beneficiary forms both had my brothers name as beneficiary however one was not signed and the other was signed but not dated. Once my mummy died the employer submitted the sign form to the insurance company but since is was not dated they did rejected the built. So the evil stepfather got the check and had a great christmas and closed all communcations w/ her children. Can we possibly get this cold hard cash back?
1. Is a date more important then the signature?
2. If the policy was provided to her by the employer shouldn't the patron be responsible for submitting the information to the insurance company before her death?
My mother's employers held on to the attitude appx. 5 years. According to the employer.

No. The boss didn't submit forms to change the beneficiary, while she was still living.

Whoever was the listed beneficiary on the policy, when she died, gets the fat.

So the evil stepfather gets it.

1. No, the signature is more important than the date - but BOTH call to be on the form. That's like asking, what's more important on a car, wheels, or an engine? Well, the locomotive, but it's STILL not going to go without wheels.

2. Yes, however, the forms were incomplete, so they STILL would not have changed the policy based on those forms. You can always try to sue the Company for the benefits. I doubt a lawyer is going to take this on, though, as those forms STILL would not have worked to change the clause, even if they HAD been submitted.

Inquisitive, though, how long did the employer hold onto the forms? Or did the employer tell her, get in here and sign/engagement, and she never did? Just a note . . .if she submitted the forms immediately before her demise, or you submitted them afterwards, actually, the evil stepfather has a case to have it overturned, as the beneficiary coppers immediately before her death could have been blamed on deteriorating mental state or medications.

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Beneficiary Question/ Insurance Problem?

Dec 29, 2007 by ELIZABETH C | Posted in Insurance

My mammy passed in October. She was with her employer for 10 years during those ten years she paid on a existence insurance policy worth $50,000. Five years ago she assigned my brother as the beneficary. She wrote his name and signed the forge but did not date it. The insurance company will not recongize the form because of the date the funds were passed to the next of kin (stepfather). My inconceivable is, is the beneficiary form some sort of contract between the insurance company and my mother? Is the date more leading then the signature? Also when this was explained to my brother and stepfather my stepfather stated in front of a note that "he understands what my mother's wishes were and he will give the money to my brother once he recieves it". Will that hide any water to fight to get this money back?

Thanks

She doesn't have the power to set apart the beneficiary. She requests the insurance company to change it, and either they do, or they don't.

So she never asked the insurance company to change it. Assignation AND signature are irrelevant - she never turned the form in, so the policy was never changed.

The beneficiary swop form doesn't become part of the contract, until the insurance company writes up the rider with the beneficiary name vacillate turn into on it.

The money belongs to the stepfather. The mother's wishes are irrelevant. Once the fortune is his, it's his - he can do whatever he wants to with it.

You're not going to get this money, unless your stepfather gives it to you out of the patience of his heart.

Sorry.

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