If the policy is fully paid and the insured out live the beneficiary who gets the proceeds?

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  • Jul 10,2018
  • 6 answers

If the policy is fully paid and the insured out live the beneficiary who gets the proceeds?


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Insurance Answers (6)

David 14 4 months ago

The secondary beneficiary or his/her estate.

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David and Stephanie 4 months ago

What policy? I assume you're talking about a life insurance policy.
If the primary beneficiary is deceased the owner of the policy should designated a new primary beneficiary. If they don't, then the secondary beneficiary receives the funds.
If there is no living beneficiary then I would assume that the benefit is paid to the deceased person's estate and handled as an asset within the probate process, meaning it will eventually be paid to the heirs. But I'm not entirely sure.

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Eva 4 months ago

The estate unless a new beneficiary is named.

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Lolly 4 months ago

Insured

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Judy 4 months ago

The estate, then whoever state law says

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StephenWeinstein 4 months ago

Usually, you pick another beneficiary. But if the insured is the owner of the policy and dies when there are no living beneficiaries, then the proceeds go to the insured's estate and are inherited by whomever is entitled to inherit the insured's other property.

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