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Life insurance policy Pennsylvania

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  • Life insurance policy Pennsylvania

    Is it true that you cannot have your adult children as beneficiaries of your life insurance policy if you are married? I was told by a friend that it has to be your spouse.
    This is my personal opinion.

  • #2
    At the major co. I worked for & all the major cos. we reinsured with, you could name your children as beneficiaries of your life ins. (adult and/or minor - usually with minor children, a trustee would also be named to handle the proceeds for the children). You don't have to name your spouse as bene. I underwrote & approved many life ins. applications with the children as beneficiaries even though there was a spouse. This is individual life ins.

    It's possible there may be some group life ins. policies where the spouse (if there is one), is automatically the bene. However, even all group policies do not require the spouse as bene. (not where I worked)
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      Your friend is confused. The beneficiary of a 401K plan MUST be your spouse, if you are married, UNLESS the spouse gives written consent for it to be someone else. There is no such requirement for life insurance policies.
      The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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      • #4
        I bet she was thinking of 401k. (never thought of that) I never heard of such a rule for life ins. expect for some group life ins. policies where it is in the policy provisions that the spouse is bene (if there is a spouse).
        Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

        Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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        • #5
          Thank you very much. This is an individual life insurance policy that my mom took on her own and made me beneficiary because she knows I am the only responsible person to take care of things.
          This is my personal opinion.

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          • #6
            There should be no problem there - that is fine.
            Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

            Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

            Comment

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