Beneficiary passed away

[robertbenda]

What is the name of your state? Florida

Sue & Terry were married and took in Nathan when he was an infant even though they never had any legal status as guardians - Nathan's parents are still alive but not involved.

Terry took out a life insurance policy on Nathan, himself as the beneficiary. Terry then passed away.

The insurance company claims Nathan's parents are now to be the beneficiaries rather than Terry's widow, Sue, who even now has Nathan living with her (he's 22 now).

Does Sue have any way of getting herself as the beneficiary? She's still paying on the policy. Why doesn't the purchaser seem to matter in this case?

 

[ErinGoBragh]

So Terry was the sole owner of the policy? Sue was not on it?

 

[robertbenda]

So Terry was the sole owner of the policy? Sue was not on it?

Correct. However, Sue is Terry's widow and inherited all his assets. Also, if its relevant, Sue was the one actually paying the premiums and has canceled checks for proof. Does Florida not consider a life insurance policy an asset?

 

[seniorjudge]

Correct. However, Sue is Terry's widow and inherited all his assets. Also, if its relevant, Sue was the one actually paying the premiums and has canceled checks for proof. Does Florida not consider a life insurance policy an asset?

Is this homework?

 

[Betty]

Yes, is this homework? If not, please verify:

Who was the insured on the policy?

Who was the beneficiary named on the policy?

Who was owner of the policy?

You're talking about Terry passing away - was Terry the insured on the policy? Who was named beneficiary on Terry's policy? (Nathan?) Who was the owner of Terry's policy?

It sounds from your post Terry took out a policy on Nathan (Nathan being the insured) & named himself (Terry) as bene but then you say Terry passed away. You said Terry took out a policy on Nathan.

Life ins. proceeds pass outside the estate & go to the bene named in the policy. Is Nathan (if named bene on Terry's pol.) disabled since proceeds going to his parents & not Nathan who is now an adult?

Why is the wife still paying on the policy if the insured has passed away? Who paid on Terry's policy while he was alive?

This sure sounds like homework the way you posted - if you come back & still seems so, you need to do your own research.