Changing life insurance beneficieries?

Question

My uncle died living me as one of the benificieries of his life insurace. However I dont want to claim it, can the insurance company write the check directly to them?

If i give them the money they would have to pay taxes on it

Answer 1

if you are the beneficierie then you recieve the money, if there is another person listed and you deny the money they will get it, but you cannot choose who it goes to because it isnt your policy. if you give it to them they wont necessarily have to pay taxes onit.

Answer 2

Yes you can disclaim the benefits payout.  But before declining/disclaiming, I'd URGE you to check with the insurance company's policy on disclaiming the payout.  

What happens to the money??  Some companies may allow redirect to the other remaining beneficiaries...and some may have a policy of "we keep it if you don't want it!"

Also make sure that you are NOT THE ONLY BENEFICIARY!!  In that case they definately KEEP IT!!

GOOD LUCK!

Answer 3

i dont think so, i think its some kind of final wishes thing.  you can accept the money and place it in a trust for somebody else and play custodian on the account until that person reaches a pre-determined goal (marriage, graduation, age ect).  good luck, and sorry for your loss.

Answer 4

No, you need to claim it or it will go to sources they choose and yes, whoever will have to pay taxes.

Answer 5

There is no taxes on life insurance proceeds. You can disclaim it, but doing so may not get it paid to the ones you prefer. So, find out where it goes first before deciding.

Answer 6

Yes, you have the right not to accept your share of the life insurance proceeds.  Any life insurance death benefit is free from taxation.  Contact the life insurance company for the form you need to fill out to disclaim your beneficiary rights.  Your share will then be split among the other remaining beneficiaries.