Does anyone have any experience with this??

I recently was told I have a check for my portion of a death benefit on an annuity policy. Should I have filled out paperwork if I was a named beneficiary, or can you have the death benefit payable to your estate?

I want to be sure this is being filed properly so it doesn't came back to haunt us later on.

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Doing the right thing isn't always the same as doing the easy thing.

I have named my son as beneficiary on all my policies and he never had to sign anything nor did he receive any notice. I think you only have to sign if you're the person who the policy is written for. Perhaps they don't notify the beneficiaries until after the death to avoid any killings for money?

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The political system is broke and it's a joke.

Your son didn't have to sign anything because you can name anyone you wish. That person(s) doesn't even have to know about it.

It's after your death that your son would need to complete forms and sign. Additionally, "they" as I read your post refers to the insurance company. "they" don't notify anyone. It's is up to the beneficiary, executor, administrator, or someone finding out there is a policy, to notify the company and thus start the paperwork for payment. If "they" you are referring to is actually you, then it's your choice whether you tell your son he is named or not.

dl

op - It would depend on the insurance company, and in some cases, state law where the policy was written, whether or not an estate can be named beneficiary. If an estate is named, the funds would first be tapped to pay outstanding creditors and it's possible no one would inherit, depending on solvency.

If there is a named beneficiary(ies) then the money solely belongs to that person. It cannot be tapped to pay creditors even if the estate is insolvent (not enough money to pay what is outstanding).

If you were a named beneficiary, imo, you would have had to complete their claim form and sign. Insurance companies are very, very careful about this and part of the claim form is them verifying you are the proper person.

dl

Wow, I didn't know that. I always thought when an insurance company was notified about the death of one of their policyholders, that the insurance company would be responsible for notifying beneficiaries since, as pointed out, you could be a beneficiary on your great uncle Henry's insurance policy and you didn't even know you were a beneficiary = so obviously you would not know to make a claim.


That doesn't seem logical.

I believe the insurance company contacts the beneficiary not the other way around.

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The political system is broke and it's a joke.

Insurance companies don't automatically "know" when any policy holder's death occurs - how would they?

I am giving factual information based on my work experience with many different insurance companies It is the responsibility of the beneficiaries to contact the insurance company, and, complete required forms. Insurance companies don't automatically "know" when any policy holder's death occurs - how would they?

Also, sometimes they only have a beneficiary name without an address to even start with. When they do have an address, many times that is dated because the person has moved.

The insurance company isn't interested in paying staff to try to find beneficiaries and the longer the claim isn't paid, the longer they keep and use the money. Some policies are so old the holder forgets they even have it. I have often wondered just how many policies do go unclaimed because the policy holder didn't tell or leave information for the beneficiary.

dl

I was referring to signing paperwork after the policy holder has passed away. Oftentimes, people don't know they are beneficiaries on a policy.

Thanks for all the input.

I wonder if I called the Ins. Co. would they/could they tell me if I was supposed to fill out paper work.....???

__________________
Doing the right thing isn't always the same as doing the easy thing.