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JKL MNO Beneficiary Designation Securian Financial Group, Inc. Minnesota Life Insurance Company Securian Life Insurance Company, a New York authorized insurer 400 Robert Street North St. Paul, Minnesota.

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In the event your primary beneficiary dies before or at the same time as you, most policies also allow you to name at least one backup beneficiary, called a “secondary” or “contingent” beneficiary. If the primary beneficiaries are all deceased, the secondary beneficiaries receive the death benefit.

In some states, life insurance companies may owe beneficiaries interest on unclaimed life insurance benefits once the funds are paid out. The amount of interest and the date when the “clock” starts ticking for payable interest varies by state.

Creditors cannot come after life insurance when paid to a beneficiary. Your beneficiaries can spend the death benefit money however they want.

The beneficiaries will never receive payment if they do not claim the life insurance benefits. The money can remain with the life insurance company for a certain period, but as you will see below, the life insurance company does not keep the money forever.

A spouse may be able to override a life insurance policy beneficiary and collect the funds from the claim if they live in a community property state. However, in noncommunity property states, which are the majority of states in the U.S., the spouse may not be able to override the listed beneficiary.

While a spouse doesn't override a designated beneficiary on a bank account, they may be entitled to a portion of the assets in a payable-on-death bank account if those assets are community property.

Many states require insurance companies to check the Social Security “Master Death File” for deceased policy holders and to try to notify their beneficiaries when they find a policyholder on that list. But that can take time. And it's not the rule in every state. So, don't count on the company finding you.

Unclaimed life insurance policy proceeds are turned over to the state in which the insured is last known to have resided (often with interest) after a certain number of years have passed, following state laws on unclaimed property.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232