What Happens To Life Insurance If There Is No Beneficiary?

  1. 4249 POINTS
    Gary Lane
    President, Lane Independent Agency, Southern California
    Please do not let this happen! You want life insurance to provide benefits to those you love. And it avoids the time and expense of probate. But if you do not have a beneficiary, or they all die before you, the funds go into your estate, and thus into probate court, taking a large percentage for the state and legal fees, along with time, as much as years or at least months. Just name several sets of contingent beneficiaries to prevent this. I always make sure my clients take this step to protect their assets. It is what a good agent will always do. Gary Lane, 949 797 2424. New York Life Agent.
    Answered on December 1, 2013
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  2. 63333 POINTS
    Contact Me
    Peggy MacePRO
    Most of the U.S.
    If there is no beneficiary, the proceeds of the life insurance policy will go into the estate of the policy owner, and be counted as an asset. The money will go through probate, along with all the applicable taxes and fees. By contrast, if the money is left to a person or group, the life insurance benefit will bypass probate.
    Answered on December 4, 2013
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