beneficiary's last name

[antham]

What is the name of your state? New Jersey
My fiance is trying to tell me that his new job says that in order for him to name our daughters as his beneficaries of his life insurance policy they must have his last name. I told him that was not true the first time he tried to convince me of that when he said his attorney told him that about an automoble accident award he is expecting. He said that the girls had to have his last name in order to be named on his life insurance policy in case something happens to him before he gets the money. I told him that if something did happen to him before then, nobody would get any money because his death would end the battle.Who would the other people fight with if he is dead. I also told him that I could buy a policy and leave it to total stangers if I wanted to, which I wouldn't, but leaglly I could if I wanted to, I could. Earlier today he told me that he was putting me as his beneficiary, and we aren't even married yet, and I have a different last name as him still. I don't think he remembers that he told me that part. I just want to know, have the laws changed to have that strict of a stiplation? I believe I am correct, as usual, I just want it in black and white for him to see it. I think he may be getting this confused with the restictions placed on the claiming of dependants on medical plans. I just want to get things straight. Thank you in advance for all replies.What is the name of your state? New JerseyWhat is the name of your state?

 

[Betty]

What is the name of your state? New Jersey
My fiance is trying to tell me that his new job says that in order for him to name our daughters as his beneficaries of his life insurance policy they must have his last name. I told him that was not true the first time he tried to convince me of that when he said his attorney told him that about an automoble accident award he is expecting. He said that the girls had to have his last name in order to be named on his life insurance policy in case something happens to him before he gets the money. I told him that if something did happen to him before then, nobody would get any money because his death would end the battle.Who would the other people fight with if he is dead. I also told him that I could buy a policy and leave it to total stangers if I wanted to, which I wouldn't, but leaglly I could if I wanted to, I could. Earlier today he told me that he was putting me as his beneficiary, and we aren't even married yet, and I have a different last name as him still. I don't think he remembers that he told me that part. I just want to know, have the laws changed to have that strict of a stiplation? I believe I am correct, as usual, I just want it in black and white for him to see it. I think he may be getting this confused with the restictions placed on the claiming of dependants on medical plans. I just want to get things straight. Thank you in advance for all replies.What is the name of your state? New JerseyWhat is the name of your state?

The ins. co. I worked for would accept children as bene with a different last name than insured if they were listed as children or step-children. (and, of course, we would accept adopted children but they would normally have the same last name) I don't know why a co. would require the same last name. Re your comment that you could buy a policy & leave it to a total stranger is not quite correct. The bene has to have an insurable interest in the life of the insured at the time the policy is issued. (They would have to suffer a loss at insured's death.) Immediate family members due to the close relationship automatically have an insurable interest in each other's lives. Also, we would accept fiance' or fiancee as bene. It might be that you are not married yet & the children at this time are not related in any way to your fiance'. It seems from your post the kids are yours from a prior relationship since they don't have your fiance's last name currently.

 

[joeliwilson]

Insurable Interrest

Incorrect.

The beneficiary of an insurance policy can be anyone. A stranger, a charity, a cat, an estate, or a bank.

The OWNER of the insurance policy is the one who must have an insurable interrest in the life of the insured.

FOr example. If I were to take out an insurance policy on my own life. I may designate the Red Cross or my best friend Matt as the beneficiary. The Red Cross has no insurable interrest in me nor does my best friend Matt. However I, as the owner of the contract can name anyone I want.

In the case of a third party insurance contract. I would need the consent of the insured to name the beneficiary, but there is no restriction as to whom or what last name they need to have.

Sincerely,

Joel I. Wilson

John Han**** Financial Network
Saginaw, MI
USA

 

[Betty]

Incorrect.

The beneficiary of an insurance policy can be anyone. A stranger, a charity, a cat, an estate, or a bank.

The OWNER of the insurance policy is the one who must have an insurable interrest in the life of the insured.

FOr example. If I were to take out an insurance policy on my own life. I may designate the Red Cross or my best friend Matt as the beneficiary. The Red Cross has no insurable interrest in me nor does my best friend Matt. However I, as the owner of the contract can name anyone I want.

In the case of a third party insurance contract. I would need the consent of the insured to name the beneficiary, but there is no restriction as to whom or what last name they need to have.

You cannot take out an ins. pol. on your own life & name just anyone as bene - there has to be a loss to them at your death. (fam. members as bene automatically have an insurable interest in the life of the insured.) I worked for an ins. co. for 36 yrs. and as an underwriter, we would not allow you even though you were insured & owner to name anyone you wanted as bene - would be adverse selection against the co. There has to be an insurable interest between the insured & bene at time pol. is issued.

 

[anteater]

You cannot take out an ins. pol. on your own life & name just anyone as bene - there has to be a loss to them at your death. (fam. members as bene automatically have an insurable interest in the life of the insured.) I worked for an ins. co. for 36 yrs. and as an underwriter, we would not allow you even though you were insured & owner to name anyone you wanted as bene - would be adverse selection against the co. There has to be an insurable interest between the insured & bene at time pol. is issued.

Betty - I have never heard insurable interest interpreted that way. Owner and Insured? Sure. Owner/Insured and beneficiary? I don't see how adverse selection is relevant.

Case:
I am 25, single with no children and no siblings. Parents are deceased. I want to obtain life insurance now against the possibility that I may not be insurable later. My best childhood friend was paralyzed in an automobile accident and, until my circumstances change, I would like any insurance proceeds in the event of my death to go to him.

Would your company refuse to insure me? Would it insist that I name my estate or some distant relatvive as beneficiary?

 

[Betty]

At the major co. I worked for & major cos. we reinsured with - we needed an insurable interest between bene & insured at the time of underwriting & policy issue. (Didn't matter who owner was) After issue & once the pol. is in force, the owner is allowed to change the bene to someone else. A friend we would not consider at underwriting/issue time unless the person had no family members & the friend was to take care of final expenses for insured - funeral, etc. Otherwise, we would ask that you change the bene to estate. After the pol. is in force, we do not see the case again & someone can send in a change of bene form to the bene area & they would change it to whoever was requested. At the time of underw., the bene is considered along with med. hx, driving record, etc. to protect adverse selection at the time of issue.