If after I past and my beneficiary dies too, what happens to my life insurance policy?
If you die and your beneficiary dies before the life insurance policy is paid out, the money would go to either the estate or the next surviving family member. If there are several family members, a judge may step in and decide how to split the money up. This is often the case when a bunch of family members start arguing over inheritance money after someone dies.
If the person who died left a will, they may indicate where they would like their life insurance money to go if the beneficiary passes away. The will probably would also indicate where other money should go, so a judge may use this to try to estimate where the deceased person would want a large portion of their life insurance money to go. People tend to leave larger sums of money to people or organizations whom they care more about. Judges try to do the right thing and respect the wishes of the deceased in terms of inheritance.
- What happens to a life insurance policy if there is no beneficiary?
- Is a spouse entitled to a life insurance policy no matter who is named as the beneficiary?
- If I have life insurance, does my beneficiary need a copy of the policy?
- As beneficiary on a life insurance policy, can you be sued by other family members for a portion of it?
- What happens if the beneficiary dies before the policy holder?