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Is it possible to obtain life insurance for another person with their consent without allowing them to change the beneficiary?
Howbern
Yes. The policy is controlled by the "owner"of the policy. If the insured person is the owner, then the beneficiary should be written as "irrevocable." An "irrevocable" beneficiary can only be changed with the consent of that beneficiary, regardless of who the policy "owner" is. Hope this helps.
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∙ 16y ago
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Can you contest a life insurance beneficiary change?
The owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.
Can an insured person also be the beneficiary on an insurance policy?
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
What happens to insurance when beneficiary dies before insured person?
generally nothing. Insured person can name another beneficiary.
Does life insurance have to be left to a spouse or can it be left to another beneficiary than a wife?
No, you get to choose.
Can anyone be the beneficiary of a life insurance policy?
Yes. Anyone can get a policy on another family member.
If a minor child makes a claim on a life insurance policy and another inidividual is the designated beneficiary what consideration is given to the claim by the insurance company?
The proceeds go to the beneficiary. That's why it's important to make the proper plans and trusts.
Must spouse be beneficiary on life insurance in Texas?
No, but whoever you list they have to have an insurable interest such as another family member.
What happens if both primary and secondary beneficiary die. Second beneficiary had approved power of attorney to another sibling - what happens then?
A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?
What if there is a life insurance policy out on you but the benifecery died?
If the only beneficiary of a policy dies, the benefit is paid to your estate, therefore can be taxed as an estate. You can call the company or your agent to add another beneficiary(ies).
If an ex-spouse makes a claim on a life insurance policy and another inidividual is the designated beneficiary what consideration is given to the claim by the insurance company?
The person named beneficiary is the sole recipient, the ex-spouse would not have a supportable claim to any portion of the death benefit.
Does the beneficiary of a key man life insurance have to be the company?
The purpose of Key Man Life Insurance is to benefit the company and provide funds for them to recruit hire and train another key man should the insured die. It is the company that would suffer the loss and therefor is the beneficiary.
Can a spouse change their deceased spouses designated beneficiary on a life insurance policy?
No. The contingency that triggers payment of a life insurance is the death of the named insured. That person could have changed the beneficiary designation prior to his/her death. Even if the policy had given the power to change the beneficiary to another person, the change would have had to be exercised before the named insured dies.
