life insurance

[cproby]

My step-mother died in 2000 leaving my father as the beneficiary of her policies. He died in November of 2005 but never clamied one of the policies. As his sole heirs, we tried to claim the policy but were told that there was a double primary. Since my father didn't claim the policy originally, according to the insurance company, it would go to the other primary.Based on the policy wording, their legal department agreed. They have notified the second primary but would not divulge that information to us. Is this accurate or are we entitled to all or any of the policy? I live in WA my father lived inTX

 

[moburkes]

My step-mother died in 2000 leaving my father as the beneficiary of her policies. He died in November of 2005 but never clamied one of the policies. As his sole heirs, we tried to claim the policy but were told that there was a double primary. Since my father didn't claim the policy originally, according to the insurance company, it would go to the other primary.Based on the policy wording, their legal department agreed. They have notified the second primary but would not divulge that information to us. Is this accurate or are we entitled to all or any of the policy? I live in WA my father lived inTX

Yes, they are correct. Think about it. They have to pay out to somebody since your stepmother died. They really don't care who they pay as long as they pay the right person. If whomever owned the policy had 2 primary beneficiaries, then they are legally required to contact that person. They should NOT tell you who that is. Its none of your business. AND if the 2nd primary has passed, then THEIR heir gets their share.

I'm not sure about your father not claiming the policy originally. That part doesn't make sense, unless they are saying that the 2nd primary will get 100% of the proceeds instead of whatever portion was originally designated to them.

 

[Betty]

Yes, they are correct - if there were two PRIMARY beneficiaries, the other primary bene would be entitled to the proceeds of the policy.

 

[cproby]

Yes, they are correct. Think about it. They have to pay out to somebody since your stepmother died. They really don't care who they pay as long as they pay the right person. If whomever owned the policy had 2 primary beneficiaries, then they are legally required to contact that person. They should NOT tell you who that is. Its none of your business. AND if the 2nd primary has passed, then THEIR heir gets their share.

I'm not sure about your father not claiming the policy originally. That part doesn't make sense, unless they are saying that the 2nd primary will get 100% of the proceeds instead of whatever portion was originally designated to them.

Yes,they say the second primary gets 100%.If my father had claimed it he would have received 100%.not sure if I have a case?

 

[moburkes]

That doesn't make sense. This person must not have been a 2nd primary. Primary beneficiaries SHARE the proceeds (in whatever percentage the owner specifies). If the primary dies, the there is somtimes secondary or contingent beneficiaries, which is what this person must be. Not a "2nd primary".

 

[Betty]

When there are two or more PRIMARY beneficiaries & they were to share EQUALLY in the proceeds - at the time the policy is presented to the ins. co. for payment at the death of the insured, the surviving primary bene(s) will get equally any deceased primary bene's share - if there were only 2 primary bene's - the other primary would get all if 1 is deceased at time insured dies & policy is presented to ins. co. for payment. That is probably why ins. co. is saying 2nd primary gets 100%. (A lot of times when there are two primary bene's it is worded: Joe Doe & Mary Doe, equally or to the surviver.)-means survivor gets all if one is dead at time pol. presented for payment but other still living

 

[moburkes]

When there are two or more PRIMARY beneficiaries & they were to share EQUALLY in the proceeds - at the time the policy is presented to the ins. co. for payment at the death of the insured, the surviving primary bene(s) will get equally any deceased primary bene's share - if there were only 2 primary bene's - the other primary would get all if 1 is deceased at time insured dies & policy is presented to ins. co. for payment. That is probably why ins. co. is saying 2nd primary gets 100%. (A lot of times when there are two primary bene's it is worded: Joe Doe & Mary Doe, equally or to the surviver.)-means survivor gets all if one is dead at time pol. presented for payment but other still living

Betty, I agree. What doesn't make sense is that if there were 2 primaries, OP said that his dad would have gotten 100% if he claimed the money. Tha twouldn't happen if the 2nd primary was living (which appears to be the case since the 2nd primary is the one the insurance company is looking for right now. Know what I mean?

 

[Betty]

Yep - I see what you mean. OP did say dad would have gotten 100% had he claimed it. Apparently there was only 1 primary (dad) & the person now entitled to the total proceeds is the contingent ("2nd bene") to get the money if the dad was not living at the time the pol. was presented for payment. Betty