Does Beneficiary Of Life Insurance Supercede A Will?
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482Yes, the named beneficiary in a life insurance policy does. It is important to coordinate each document of course, but a life insurance policy is separate and distinct. The owner of the policy can change beneficiary designations by amendment of the contract directly with the insurance company at any time, but once designated, it cannot be changed by other action .Answered on December 22, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Yes, the beneficiary of a life insurance policy supercedes a will. The will pertains to the estate, and a life insurance beneficiary receives the proceeds of the policy outside the estate. The person named within the life insurance policy is the one who receives the benefit of that policy.Answered on December 26, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaA life insurance policy is a legal contract. In California the life insurance company is legally bound to deliver the proceeds to the beneficiary in the event of death. The proceeds of the life insurance policy are not an asset of the estate. Therefore, the proceeds are not subject to probate, nor does the will have any impact on the process, unless the beneficiary and the contingent beneficiary have pre-deceased the insured.Answered on July 10, 2014flag this answer
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