Can A Will Change A Life Insurance Beneficiary?
4249 POINTSview profileGary LanePresident, Lane Independent Agency, Southern CaliforniaWills are separate from life insurance policies and do not control their beneficiaries. To change the beneficiary of a life insurance policy you should tell the insurance company to change it. Life insurance policies do not need a will and do not go through probate, saving both time and money. Your beneficiary can get their funds almost immediately if you have the right insurance company. Go with one that has financial strength and an excellent reputation. By the way, a living trust is a better way to go than a will for the rest of your assets, bypassing probate court in most instances. Gary Lane, Registered Representative and Agent, New York Life, 949 797 2424. Thank you.Answered on January 5, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482The two are completely separate and distinct documents. A Life Insurance policy will have an owner, an insured and a beneficiary. In many cases, the owner and the insured are one in the same, but not in all cases. The important thing to remember is that the owner is the one who controls the policy. Only an owner can, in this case, change a beneficiary.Answered on January 6, 2014flag this answer
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