Get GWIC G134 2007-2024

Into the estate If you don't specify the beneficiaries as part of the life insurance policy, then it will, by default, become part of your estate. If you die with a will, then your wishes will be known and followed.

The insurance company will not “cash out” the policy to someone other than the policy's legal owner, the owner's legal POA, or a deceased owner's executor or estate administrator. The policy most likely becomes an asset of the policy owner's estate at death.

At the death of an owner, the policy passes as a probate estate asset to the next owner either by will or by intestate succession, if no successor owner is named. This could cause ownership of the policy to pass to an unintended owner or to be divided among multiple owners.

If a policyholder dies and no beneficiaries can accept the death benefit, the money is paid out to the insured's estate and a probate court distributes the money. Does life insurance go to next of kin? Your next of kin can get the death benefit if you make them the beneficiary — or if the benefit goes through probate.

Steps To File a Life Insurance Claim Determine Which Life Insurance Company Holds the Policy. When someone dies, it is possible they had multiple policies in effect. ... Obtain the Death Certificate. ... File the Death Benefit Claim With the Life Insurance Company. ... Choose the Form of the Payout.

If the insured passes first, then the beneficiary's heirs or estate will receive the death benefit. If there are no beneficiaries left alive at the insured's death, the death benefit will be added to the insured person's estate.