my husband has a life insurance policy but his mother is the beneficiary.........am i entitled to any of that?
2007-01-10 14:24:09 · 10 answers · asked by ladybug 5 in Business & Finance ➔ Insurance
I've read through the answers given so far and would like to emphasize that the only true answer to your question lies in whether or not you and he resided in a "community property" state.
If you did AND your spouse is/was the owner AND premium payer, you are entitled to a percentage of the cash value (if he's still alive) or the death benefit (if he's deceased), regardless of the beneficiary designation.
If you reside in a community property state and his mother paid all of the premiums, but your spouse is listed as the policy owner, a court MAY determine the premiums constituted a "gift." It would be up to the court to determine whether you are entitled to any portion of the policy's cash value or death benefit.
If you reside in a community property state, but all premiums were paid by his mother AND she is the policy owner, you aren't entitled to anything. Or if the policy was "paid up" prior to your marriage, and therefore community funds weren't used to pay premiums, you aren't entitled to any of the proceeds.
If any of these scenarios (except for those in the preceeding paragraph) apply to you, you should speak with an attorney about this. If your spouse has passed away and the death benefit hasn't yet been paid, your attorney must notify the insurer that the beneficiary is being contested. Unless the parties can come to a settlement, the insurer will file a motion asking a court to determine the true beneficiary. This is called a "Motion for Interpleader." If the claim was already paid, your attorney will file a motion with the court asking that the funds be frozen until the matter is adjudicated.
If you don't reside in a community property state, you aren't entitled to any of the proceeds.
I hope this helps.
2007-01-10 23:18:08 · answer #1 · answered by Suzanne: YPA 7 · 1⤊ 0⤋
No, you won't get any of that money.
However, the beneficiaries on a policy can be changed (if the beneficiary is not irrevocable) by the OWNER of the policy. If your husband is the owner of the policy, he can change the beneficiary to add you as one of the beneficiaries (or completely replace his mother... or he could make his mother contingent, or he could make you contingent... there's a few different ways he could do it).
But if his mother is the owner of the policy, he can't make any changes.
As it is right now, you will not be entitled to any of his life insurance money.
2007-01-10 16:45:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
By law, the policy owner is the only one who can name a beneficiary. If your husband is the policyowner he would be the only one who can change it. Ithas to be requested in writing. As his wife you are not entitled to any of the proceeds unless you are named as a beneficiary. However, as a spouse, you have insurable interest and you are entitled to purchase a policy on him and name yourself as the beneficiary. Then you would be entitled to recieve the predefined benefit amount upon his demise. There may be a waiting period for some pre-existing conditions. In some instances, the policy may have clauses or riders that would cause it to not pay out. Check with the agent if any of that concerns you. If you'd like more information email me at agliddenua@comcast.net
2007-01-10 16:24:04 · answer #3 · answered by redliciousbabe 1 · 0⤊ 1⤋
No. You aren't named as a beneficiary so you don't get a dime of it. His mother does. The question to ask your husband is why his mother is on his life insurance policy and you aren't. Is she financially or materially dependent on him such that his premature death would result in financial hardship for her? What about purchasing another life insurance policy with you named as beneficiary? After all, if he dies, it's you who has to pay for his funeral and pay off any of his debts. His mother won't owe anybody anything. If I were you, I'd insist that he purchase a policy naming you. I'd also recommend that you purchase a policy on your life naming him as the beneficiary for the same reasons.
2007-01-10 17:30:39 · answer #4 · answered by Yo' Mama 4 · 0⤊ 0⤋
they told me when i signed up, that I'm in a community property state, and that my spouse gets half until divorce or death, unless you get them to sign a written waver. it does not matter if someone else is named beneficiary. check to see if your in a community property state. if so, call up the life insurance company and tell them he's married. if he's had that policy from before you were married, or he never bothered to mention it to them, then he is not going to be happy when they find out.
2007-01-10 15:29:00 · answer #5 · answered by Jen 5 · 0⤊ 1⤋
no one is entitled but the beneficiary. wow, you sound like a real piece of work.
2007-01-10 14:31:27 · answer #6 · answered by Phat Kidd 5 · 0⤊ 0⤋
Nope, not a drop. Only the beneficiary gets ANY of it. It's not contestable in court, either.
2007-01-10 23:58:37 · answer #7 · answered by Anonymous 7 · 0⤊ 1⤋
Nope. He would have to amend his policy and add you.
2007-01-10 14:30:01 · answer #8 · answered by Derek 2 · 1⤊ 0⤋
Depending on the state....but probably NOT
2007-01-10 14:28:49 · answer #9 · answered by Anonymous · 0⤊ 0⤋
no not one cent...
pay your own policy prems like she has done.........
2007-01-10 14:28:11 · answer #10 · answered by cork 7 · 1⤊ 0⤋