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| *Ostroff, Fair and Company>>>Insurance |
LIfe insurance-if the designated beneficiaries (primary and contingency) all die? |
would the life company try to locate your relatives to pay the money or would it just keep the money. The insurance company has no way of knowing when you die unless someone notifies them. If you have a will and have named an executor and the beneficiaries all predecease you, then your exexutor would file a claim on behalf of your estate and the benefits would be paid to your estate. I know that is complicated and that is why it is so important to always make sure your beneficiary is updated at the death of any of them. Source(s): 30 year insurance experience. Unless you are alive to designate the "next in line", the money goes into your estate IF THERE'S A WILL. If there's no will, it becomes "property of the state". It would go to the estate of the primary beneficiaries. Life insurance companies generally don't "scout them out". But they WOULD send a letter to the last known address of the primary beneficiary. More to the point, someone has to notify them that the insured DIED. If no one files a claim on the deceased person, they have no way of knowing they are dead. Which is why it's important, as the years go by, that you review your policy and update the information. agent, 20+ years |
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