No, a will does not override a life insurance policy. The beneficiaries that you name in your life insurance policy will literally follow you to the grave. If you want to change them, do so now, so that your life insurance proceeds go to the person or persons that you intended.
Great question! In most every case, as long as you have named a specific beneficiary (and be sure you've checked to ensure that the person you've named is the one you want to receive it and not an ex-spouse or deceased parent) the proceeds of life insurance will pass through probate court as designated. That may not be the case if there was no specific beneficiary named, or the person that you've named is no longer alive to receive it. I advise my clients to review their beneficiaries periodically, and especially after major life changes to help keep things the way they planned. Need more info? Please contact me. Thanks for asking!
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
No - the life insurance proceeds will only be paid out to the person or entity that is designated as the beneficiary of the policy. In the event that you do not have a designated beneficiary or all designated beneficiaries have predeceased the insured, the proceeds would be paid out to the estate. When it's paid out to the estate, it can be subjected to the probate process and the courts may end up determining how it's distributed.
It's vital to make sure your primary and contingent beneficiaries are up to date. Many people will use a life insurance trust to control how they want the proceeds distributed - this can be a useful tool for estate planning purposes.
If you have any other questions about life insurance or would like help with your own coverage, please send me a message by clicking on the "contact me" button or call me at 703-665-9133.
In Canada, you can name a beneficiary of your life insurance policy in your will. If it was done after the last time you registered a change in a beneficiary with the insurance company then it would be honored. You can see the potential for legal challenges. That is why is recommended that you NOT name a beneficiary for your life insurance policy in your will..
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
A will and a life insurance policy are totally different. The will directs the distribution of estate assets. The life insurance policy is a contract that is executed at the time of death but totally outside the will and outside of probate. The only exception would be if through neglect or by plan the proceeds of the life insurance are paid to the estate and therefore become directed by the will.
No, a persons life insurance benefits or proceeds are paid directly to the beneficiary. They are not subject to a will or probate. These are two totally different types of end of life events. The exception to this rule would be if the beneficiary is a trust which is controlled by the will. Also, if the life insurance policy primary beneficiary dies prior to the insured and there are no contingent beneficiaries named, then the death proceeds would be left to the insureds estate and the benefits would go through probate court and subject to the wishes spelled out in the will.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
As my colleagues have stated, in a word, no, a will does not override the terms and conditions specified in a LIfe Insurance policy. It is usually important that they work together hand in hand as it were, but it is not necessary. Your life insurance policy will, at the time of your death, pay the proceeds as you have specified to your beneficiary or contingent beneficiary. These proceeds will pass directly to that person or entity and are not subject to attachment of any kind including claims by creditors or taxes. It is important to be sure to keep your beneficiary and contingent beneficiary up to date because in the event that neither is available to receive the proceeds, then they become part of your estate and therefore subject to both probate and any claims.
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It's vital to make sure your primary and contingent beneficiaries are up to date. Many people will use a life insurance trust to control how they want the proceeds distributed - this can be a useful tool for estate planning purposes.
If you have any other questions about life insurance or would like help with your own coverage, please send me a message by clicking on the "contact me" button or call me at 703-665-9133.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.