Life insurance Who takes the benefit of the deceased?

[sincerem]

I'm a bit curious on this particular question, I need a honest and clear answer to it.

Since every one can enroll into insurance, picking any of the premium and being hopeful of the benefits at some point in life.

What if the person who enrolled into life insurance doesn't have children nor relation. Let's say he's an orphan and impotent as well, at the time of his death. Which occurred due to unplanned circumstances leading to his demise. And again, the next of kin died earlier before him, and he forgot to choose a replacement to the next of kin.

Who do you think will stand for him and claim the benefits of life insurance when he's no more?

Or you think the insurance company will just void it for their personal gain?

 

[Good luck]

The benefits of the deceased should be for the immediate family. The immediate family should be the wife and children. They are the closest people with the deceased when he was alive so I don't think any member of the family should partake in it.It is their gain or right as family that is closer.Giving the wife is not a bad idea at all.

 

[AmaliaTG]

I'm a bit curious on this particular question, I need a honest and clear answer to it.

Since every one can enroll into insurance, picking any of the premium and being hopeful of the benefits at some point in life.

What if the person who enrolled into life insurance doesn't have children nor relation. Let's say he's an orphan and impotent as well, at the time of his death. Which occurred due to unplanned circumstances leading to his demise. And again, the next of kin died earlier before him, and he forgot to choose a replacement to the next of kin.

Who do you think will stand for him and claim the benefits of life insurance when he's no more?

Or you think the insurance company will just void it for their personal gain?

Normally this days it's always advisable for parents or anyone who has an 18 year old and above kid to be written as a next of kin. Reason being maybe your favourite kid that would like to leave as next of kin is not yet 18yrs. On the other hand, they advised people to choose next of kin to who they can trust will handle the benefits reasonably.

 

[Chibson]

I think in this kind of situation the lawyer have may tap into it and benefit because these kind of things lawyers are usually involved. If the person has relatives such as brothers and sisters then i think they will definitely benefit from his properties. The person usually states who will benefit his property.

 

[btaliat]

You have created a scenario that is unlikely to happen. But let assume it happens. There is always primary beneficiary and also contingent beneficiary. While the primary beneficiary will collect the face amount in case the insured dies, the contigent beneficiary takes all in case there is no primary beneficiary.

 

[sincerem]

Normally this days it's always advisable for parents or anyone who has an 18 year old and above kid to be written as a next of kin. Reason being maybe your favourite kid that would like to leave as next of kin is not yet 18yrs. On the other hand, they advised people to choose next of kin to who they can trust will handle the benefits reasonably.

Its very ideal to choose a next kin that is mainly from our biological family, and one of children can go for that, and serve for the purpose. When we don't have children above 18, then we can use from the extended family, our siblings are there provided they're trusted.

What if their is none at the moment, who will you place as a next of kin??

 

[sincerem]

You have created a scenario that is unlikely to happen. But let assume it happens. There is always primary beneficiary and also contingent beneficiary. While the primary beneficiary will collect the face amount in case the insured dies, the contigent beneficiary takes all in case there is no primary beneficiary.

That's very nice, I never knew that insurance policy covers that as well. In was thinking its simply for the first contingent, that after the first contingent that case close for the customer who lost his or her life untimely after enduring his life via insurance. Now the question is satisfied, cos surely the two contingents can't lose their lives at same time with the main insurance user.

 

[Mika]

The beneficiary is the nominee of the insured person. For example, if a person has his kid as the nominee, and if the insured person dies, his kid will get the insurance benefits. I don't have a kid, therefore, my nominee is my sibling. If I was married, I would have made my spouse or kid my nomine.

 

[sincerem]

The beneficiary is the nominee of the insured person. For example, if a person has his kid as the nominee, and if the insured person dies, his kid will get the insurance benefits. I don't have a kid, therefore, my nominee is my sibling. If I was married, I would have made my spouse or kid my nomine.

Why are not wanting to marry? so your kids will take over outrightly when you're no more maybe during old age.

Its good you encountered into insurance to insure your life, in case when the unbeknownst happens those around you can benefit from your demise one way to the other in your absence.

 

[Bookwormlux]

This is a very critical aspect of insurance that I believe companies need to take into consideration. In a situation like this, I think it is more appropriate to make sure that the next of kin is eligible to benefit from the insurance investments that their parents may have made when they were alive.