If I die, do my life insurance automatically go to my parents or do I need to make a will for that?

Question

If I die, do my life insurance automatically go to my parents or do I need to make a will for that?

Answer 1

It depends on who you put down as the beneficiary.

Answer 2

it will go to whomever you chose as your beneficiary when you opened the policy.  Otherwise, it will go thru Probate Court and get passed to your next of kin.

if you are married, it automatically goes to your spouse even if you put a different beneficiary - unless, your spouse has agreed to someone other than her/him as the beneficiary.

Answer 3

All Life insurance policies have a place for the insured to designate the monies in the event of your death. They call it the Beneficiary. If your parents are listed as the beneficiary then in the event of your death the monies will go to them automatically. If you have other posessions such as a house, car, furniture, stocks, bonds etc then you will need to make a Will to designate who gets those items.

Answer 4

When you sat with the agent and filled out the paper work, who did you put down as your beneficiary? That will be the person to whom the insurance money goes to should you pass away.

Answer 5

Just had a friend pass away  no will, single,  no children never married life insurance is going to the parents in Ontario, Canada.

Answer 6

The death benefit is paid to the beneficiary named in the policy. No will is needed. If your parents are the beneficiaries, they will be paid. If they precede you in death, you should contact your insurance agent and change the beneficiary in the policy to avoid confusion.

Answer 7

You pick who you want it to go to when you buy it and can change it if you change your mind.

A will is needed for other reasons, things that aren't covered. If you don't have a will your state laws decide who gets what. Also you might want to have a medical directive to say what you would want if you weren't able to make your own choices. If you have children you need to make sure you decide who gets them if both parents die.

Answer 8

When you take out life insurance, you are usually required to name a beneficiary. Check with your insurance company to see who you nominated. You can change it, if you wish.

Answer 9

-first, whose name did you write as the beneficiary of your life insurance in case of death? (i assumed you were asked upon signing on the agreement wherever country it is. and the beneficiary's name can be changed at any time you wish as long as you still have the capability to do so).

-are you single? (aside from the life insurance whom the beneficiary can receive the money after your death, your other assets, such house; lot; cars; bank accounts, or anything, will automatically be given to your parents. in any case, your parents do no longer exist, your brothers/sisters can benefit it by dividing all the remained assets equally to them. in this regard, this will be handled by a lawyer.

-assuming you have your own family (husband/wife/chidren), regardless of the life insurance beneficiary, all your remaining assets as i mentioned above will automatically be given to your wife and children (i'm assuming you are the husband here).

-if you are a single and you don't want your remaining assets will be given to a particular person or to anyone whom you don't like, then it is possible for you to make a will or an early designation and appointment of a person to become the sole beneficiary of everything you have. you need this document to be notarized by a Public Notary Office/lawyer.

*i had made a documentation already for some other assets that i have to be given to two persons i named on the document and was notarized already and documented by the lawyer. that will could no longer be erased or changed even if i will get married UNLESS i will revoke the will.

**for some others also like bank accounts whom i did not specify a beneficiary, my mother can automatically receive upon my death. in any case my mother will die ahead of me, then my brothers and sisters will be the automatic beneficiary of my bank accounts/savings. this had been explained to me from the banks and my lawyers.

<>above all, laws and policies depend on the country where you are. so try to check it out if it also applies to yours.

Answer 10

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