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When a beneficiary can't be determined, the benefit is often instead paid out to your estate. The proceeds and the rest of your property and investments will be distributed ing to your will, the insurance contract details and state law. The contract will go into probate if there isn't a beneficiary on file.
If you leave the beneficiary form blank, your assets may be divided through the probate process. The probate process differs from state to state ? but wherever you live, chances are that a complete stranger will determine who gets your assets. In some cases, they'll be divided equally among all living relatives.
Primary Beneficiaries Write the names of the first beneficiary(ies) you would like to receive your benefit after you die. You may name an individual(s), entity (such as a charity, business, religious organization, funeral home, etc.), trust, or estate. You may name more than one.
What happens if there's no beneficiary on a life insurance policy? Life insurance with no living primary beneficiaries or contingent beneficiaries is paid out to the insured's estate.
Most beneficiary designations will require you to provide a person's full legal name and their relationship to you (spouse, child, mother, etc.). Some beneficiary designations also include information like mailing address, email, phone number, date of birth and Social Security number.