Well their is something wrong here. Life insurance goes to the beneficiary. If medicare is involved you have a different story.
This is a more than common situation, and from my personal experience, (depending on your situation) this is the best way to handle it: 1. Is the terminally ill patient coherent>>?? If so, does a Doctor agree that this person is able to make sound mind decisions? 2. If so, just because you are listed as a beneficiary on a life insurance policy does not mean you will receive the money in the event of a death. Immediately get the correct documents (can be found on the internet and printed out for free) stating exactly whom is a beneficiary (or multiple people) and all other specifics. Have a notary to come to the nursing home while you are present with the terminally ill patient. Sign all documents and a) take the docs to an attorney to hold OR b) give them to someone responsible to hold until the event of a death. Then send all information to the Insurance Company. 3. In addition, the Insurer will need to write out all persons that will not receive benefits, and people who will. Once all heirs are contacted legally (meaning people who will and will NOT receive money and/or goods), through an attorney only) then a 120 day probation period begins for persons to appeal. If no one appeals decisions of who the inheritance is going to, then case closed. If person(s) do, then court is the next option. If you DO NOT get at least the above done, then chances of the State you reside in taking over the benefits is most likely to happen. You will have to fight to get them, and you may only end up with much less than half of the original amount. Good luck. Yes. Policies with named beneficiaries are not subject to seizure by the deceased creditors (including Medicare or Medicaid) nor do they become a part of probate procedure.
The person who is eligible to collect life insurance is the beneficiary. Anybody can be named the beneficiary. There are steps that need to be taken before a person can collect.
No
If the insurance policy is older than two years of contestability period, then a benefit will be paid to the beneficiary.
The beneficiary is the only one that can collect benefits unless otherwise specified in the policy such as a rider.
Life insurance is usually governed by beneficiary information on the policy. In other words, whoever the beneficiary is on the policy will the one to collect. You may want to consult a local lawyer to confirm this.
No, an ex-spouse can't collect a deceased husbands insurance if the first wife is listed as beneficiary even if the fist wife is now deceased. The money will go to the beneficiary's heirs.
Though paying rebate to insured by agents is prohibited, that does not hinder in the way of getting insurance proceeds.
Her estate will be the beneficiary of the life insurance. You will have to show the Letter of Authorization from the court to the insurance company. They will issue the check to the estate.
You should contact the legal department of the insurance company and ask for its advice. The company may initiate a search for the beneficiary with the resources at its disposal.
No, suicide is an exclusion where a death benefit is concerned.
Whoever is the named beneficiary on the policy will collect the death benefit.
Tier Two [in Beneficiary Designation] refers to secondary beneficiary which also refers to the person, persons, or class of people who will collect the life insurance proceeds in the event of the death of the insured _and_ the primary beneficiary is not alive.