Who owns the life insurance policy when the owner dies? That depends if there is a contingent owner named in the policy. It does not automatically transfer to the life insured.
if there is no contingent owner named in the policy, the the ownership would transfer to the owner's estate and will be dealt with there.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community. .
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
If the owner and insured are two different people and the owner predeceases the insured, the ownership of the life insurance policy would be given to the contingent policyowner, if one was named.
If a contingent policyowner is not cited in the policy, then the policy would transfer to his/her's estate and go through the probate process. So, in short, ownership would be determined by a judge.
When you set up a policy with the owner and beneficiary as the same person, many people will cite the contingent beneficiary as the contingent owner in case they want to carry the policy forward.
Keep in mind, if the policy goes through the probate process to determine ownership, someone must still continue to pay the premiums.
Please feel free to contact me for further assistance. Thanks very much.
If there is a contingent owner named, the owner of the policy will become the contingent owner i(f the original owner of the policy dies). If the insured person and policy owner are two different people, it is important to name a contingent owner so that the wishes of the policy owner are followed.
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if there is no contingent owner named in the policy, the the ownership would transfer to the owner's estate and will be dealt with there.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community. .
If a contingent policyowner is not cited in the policy, then the policy would transfer to his/her's estate and go through the probate process. So, in short, ownership would be determined by a judge.
When you set up a policy with the owner and beneficiary as the same person, many people will cite the contingent beneficiary as the contingent owner in case they want to carry the policy forward.
Keep in mind, if the policy goes through the probate process to determine ownership, someone must still continue to pay the premiums.
Please feel free to contact me for further assistance. Thanks very much.