This is an immediate annuity that was being paid out and the annuitant passed away, therefore the payments were going equally to 4 beneficiaries. What would happen if one of those beneficiaries then dies? Is the money then split 3 ways? Does the insurance company keep that share? Or can each beneficiary name a contingent beneficiary?
2006-07-12 12:26:15 · 4 answers · asked by Bryan A 1 in Business & Finance ➔ Insurance
It all depends on how the initial beneficiary designaiton was set up. If the choice was to have it go to say 4 people but there was a per stirpes provision, the benefit paid to say the 4th person who died would be divided between his/her heirs. If it goes to joint and survivor, then the benefit would be divided among the remaining three beneficiaries.
2006-07-12 16:29:22 · answer #1 · answered by CarolO 7 · 0⤊ 0⤋
If there was a contingent, then they will get that percentage. Otherwise, I believe that the total would be divided by 3 now.
2006-07-12 14:31:29 · answer #2 · answered by tigertiggerii 3 · 0⤊ 0⤋
It becomes a part of the deceased beneficiaries estate and will ultimately go to his/her heirs.
2006-07-12 12:31:40 · answer #3 · answered by rhymingron 6 · 0⤊ 0⤋
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2015-02-05 15:15:07 · answer #4 · answered by Beverly 1 · 0⤊ 0⤋