Anybody here ever been an insurance beneficiary? School me.

[definition of dopeness]

Where are all my insurance experts at? Any of you guys been through the beneficiary process for life insurance? I got a few questions...

 

[mr ricky]

Your questions?

 

[definition of dopeness]

Ok i'll try to keep this simple.

I have to cousins who's mother just passed away. She only had insurance through her job, with was basic life insurance and supplemental life insurance. Andthey got their paperwork to fill out and all, but in the brochure it says, there's a probability that they might not receive any money, it's up to thecompany to decide how much they get, if they get any, how do they decide how much they should get?

 

[mr ricky]

I'd speak with an adviser from the Insurance company that was covering your Aunt. They'll have a lot more information to answer your cousin'squestions more accurately.

But in most cases,

The beneficiary is the person(s) that your Aunt designate as the person(s) to receive the insurance amount in the event she passes.
If your Aunt designated more than one person as primary beneficiaries, they would receive an equally divided amount, unless your Aunt designated otherwise.
If its one person, they would receive the entire amount, tax free.


When you purchase life insurance, you're asked to designate Primary Beneficiaries and Secondary Beneficiaries.
Primary Benes are those who will get the money if the Insured passes.
Secondary Benes are those who will get the money if the Primary Benes are not alive to collect.

 

[definition of dopeness]

^ preciate it, we get that part.

But peep. She had basic life insurance w/ her job that was equal salary that was 55,000.
then she had supplementary life insurance, that was 5x her basic salary which was valued at 250,000 through prudential or metlife i believe.
with only her 2 sons as beneficiaries.

They got the letter in the mail, so they can start the claims process, but it states in the letter, that the final payment is up to the insurer, i just reallywanted to know what was the probability that they got the full amount. you know?

 

[definition of dopeness]

Anybody else deal with this kinda stuff before?

 

[mr ricky]

I'm pretty sure when they state that its up to the Insurer (the insurance company)

It means it is the amount of insurance minus any outstanding debts (i.e. if your Aunt borrowed money against the policies or misc. fees).

They should be getting what your Aunt left them. Just follow through with the process and a nice check will come after.

Sorry for your lost.

 

[eight2one]

my dad got me as the primary beneficiary.......

if he dies, I got a feeling cops are gonna be investigating me.