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Group Life Insurance beneficiary problems

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kthompson
Join Date: Oct 2005
Posts: 5219 South Carolina
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2012-07-09          184192


This may not apply to all companies but there is an issue with group life insurance with some companies want you to be aware of. Some of the group life insurance companies (normally through work) do NOT record beneficiary or change of beneficiary on your life insurance. They depend on the employer to provide that information at time of death.

Just in case you are not aware that allows for all kind of issues from fraud to just mistakes by an employee to lost forms. For your security if you have any group life insurance you make certain you keep a copy of the form and would suggest you give copy to the beneficiary.

I have a friend who at the time was not aware of this but think that is why the ex wife received the proceeds and not the current wife. Of course it is possible he had never changed it but some how doubt it.

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Group Life Insurance beneficiary problems

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Murf
Join Date: Dec 1999
Posts: 7141 Toronto Area, Ontario, Canada
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2012-07-09          184199


Under Canadian law the beneficiary, the insured and the policy holder are required to be notified of any change in the policy.

Imagine my (current) wife's surprise when she opened such a notice from (purely by coincidence) our insurance company stating that a new term life insurance policy had been taken out on me........By my (15 years) ex-wife!!!

I guess she figured she was going to get a few bucks out of me one way or another.



Best of luck. ....

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Group Life Insurance beneficiary problems

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DennisCTB
Join Date: Nov 1998
Posts: 2644 NorthWest NJ
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2012-07-10          184210


Quote:
Originally Posted by Murf | view 184199
I guess she figured she was going to get a few bucks out of me one way or another....


Make sure you look both ways when you cross the street LOL ....

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____________________________________________________________________________________
Group Life Insurance beneficiary problems

View my Photos
kthompson
Join Date: Oct 2005
Posts: 5219 South Carolina
TractorPoint Premium Member -- 5 Tractors = Very Frequent Poster  View my Photos  Pics

2012-07-10          184211


Boy the laws are different in the US and Canada. Unless it is required for a loan or such only the owner can make such a change here and no one is notified of the change other than back to the owner.

Also no way you can take out insurance on another adult without their approval as they must answer the health questions and sign off on them and such. Not even unlimited power of attorney will work due to those reasons. Many military wives ask on this right after husband is shipped out.

Along that line have known of part of divorce settlement require the termination of life insurance on the spouse owned by the soon to be ex. Sort of for the reason Dennis points out. ....

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