1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    The proceeds from life insurance that has no beneficiary (or no living beneficiary) listed on the policy, will go the estate of the policy owner when the insured person dies. There it will be subject to probate costs that could have been avoided had a beneficiary been listed on the policy.
    Answered on March 10, 2014
  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Each state has a plan to distribute the assets of an estate.   If the insured died without a proper beneficiary on their life policy, they probably also died without a will.  The state will decide who will receive a portion of the proceeds after appropriate taxes and probate fees.  It pays to keep your beneficiary designation current.
    Answered on March 10, 2014
  3. 355 POINTS
    anthony yard
    Living Debt Free & Truly Wealthy, The found money specialist, United States
    This is where having an insurance agent/adviser is important. If you have bought a life insurance policy or your planning on buying one, any qualified insurance agent should explain the purpose, benefits, and tax traps of not having a beneficiary. 

    It's never a good idea to have young kids under a legal age 18 or 16 depending on where you live to be beneficiaries. Expert advice can help you avoid many costly pitfalls.
    Answered on March 11, 2014
  4. 5082 POINTS
    J Paul Wilson CFP, CHFC
    Certified Financial Planner, JPW Insurance Retirement Investments, Halifax, Nova Scotia, Canada
    If there is no beneficiary or contingent beneficiary then the policy proceeds are payable to the estate of the insured.  The proceeds will have to be probated and if there is no will the proceeds will divided according to state/provincial legislation.

    This is the reason it is important to keep your beneficiary information up to date.

    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.
    Answered on April 19, 2014
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