will I be able to collect death benefit

[jembralynj]

What is the name of your state? South Carolina
I am the owner and beneficiary of a life insurance policy on my boyfriend. We were not married. The policy was taken out in 2002. It is over three years old. Because we had a lot of business dealings, which would amount to a lot of debt, we took insurance policies out on each other, and he was the beneficiary of mine and I was the beneficiary of his. We arranged for the payments to be drafted from my checking account, but shared the cost of both policies. At the time of his death, he was reunited with his wife, whom he was never actually divorced from during our relationship. Will I be able to collect the death benefit. I have always held the policy in my pocession, am I obligated to let his wife know about the policy and will she be able to challenge me as the beneficiary. If this was the only policy, I would feel obligated to give it up, but he was employed and had a 401k and other life insurance on the job.
Thanks
Jemj

 

[justalayman]

As long as you are the beneficiary on the policy it is your. This is not part of the estate. You have no obligation to tell the other woman, your boss, mom, dad etc.

 

[seniorjudge]

As long as you are the beneficiary on the policy it is your. This is not part of the estate. You have no obligation to tell the other woman, your boss, mom, dad etc.

I agree.

(And you don't have to tell the milkman either.)

 

[ALawyer]

The fact is that if you are the owner, and you paid the premiums, his legal wife has no claim on it. That does NOT mean that she will not come up with some rationale to try to grab onto it, or claim she has rights to the proceeds, or anything else.

 

[Mambo LIPS]

The fact is that if you are the owner, and you paid the premiums, his legal wife has no claim on it. That does NOT mean that she will not come up with some rationale to try to grab onto it, or claim she has rights to the proceeds, or anything else.

G e r r y, since you have conceded that our writer is the "owner" of the policy, and anyone, including our writer, can obtain a copy of the death certificate from the County Recorder's Office, and presuming that our writer isn't stupid enough to inform the "wife" of the policy to "make waves", would you please explain "That does NOT mean that she will not come up with some rationale to try to grab onto it, or claim she has rights to the proceeds, or anything else."

Give us an example of how the wife could "grab onto it, or claim she has rights to the proceeds."

IAAL

 

[Dandy Don]

Stop worrying about the widow. You need to be contacting the insurance company now and filing your claim to get the money, which will be yours free and clear. If there is any complication the insurance company will let you know but at this point that is unlikely.

 

[jembralynj]

Jem

South Carolina
Thanks for your replies.
Jem

 

[Betty]

The proceeds will be yours since you are the named beneficiary. Life ins. proceeds go to the named bene.