The new owner of a life insurance policy if the original owner dies before the insured.
I guess what your question is how to transfer the ownership of insurance policy to the insured if they are different person. The owner of policy can simply sign the form called "policy ownership absolute transfer form" which you can find it through your insurance advisor. If the owner passed away, and you had assigned contingent owner when you applied the insurance, that ownership will be automatically transferred to the contingent owner. Hope it answers your question.
No, the owner of a life insurance policy does not have to be the payer. Pretty much anyone can be the payer.
if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.
In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.
Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state. It depends on whether the beneficiary predeceased the insured. If the beneficiary died before the insured then the proceeds go the the contingent beneficiary. If there is not a contingent, check the contract, it probably is paid to the Owner of the Estate of the Insured. If the Beneficiary died after the Insured, the proceeds go to the Beneficiary's Estate. It is important to have a contingent beneficiary specified in your life insurance policy. This way, if the beneficiary passes away, the contingent beneficiary will benefit. If there is no contingent beneficiary, and the beneficiary has deceased, the proceeds of the life insurance policy, go to the estate and is distributed according to the Will.
You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.
In most cases the proceeds will be paid into the estate.
The owners name is listed on the life insurance application unless it was changed at some point. Any change was also mailed to the policy owner and should be added to the policy. Only the owner can make changes to the policy.
If you are the owner of the life insurance policy you can call Southland Life. They are located in Atlanta, Georgia and their phone number is 770-850-7750. If you are not the policy owner then it's not your business and they will not tell you anything about a policy that someone else owns.
This will depend on some factors. Who is the policy-owner? The policy-owner is the only person who can cancel the insurance policy,