A state probate law that extinguishes the right of a divorced spouse to receive life insurance benefits as a named beneficiary is preempted by ERISA, the Pennsylvania Supreme Court has ruled in reversing judgment. In 1998, the defendant was named the primary beneficiary of her then husband's $40,000 life insurance policy. The couple divorced in 2002. The husband died in 2006 without removing the defendant as the primary beneficiary of the policy.
Market conditions over the past two years have provided new and expanded options for selling permanent life insurance, especially whole life insurance. Based on industry sales numbers from LIMRA, it's evident that clients and producers have regained a new appreciation for the guarantees of whole life insurance after seeing their variable holdings decrease in value. Today more than ever, charitable organizations need the support of donors. Many have life insurance that can be used to benefit charities when the insured dies, or, in some cases, during the insured's life. For this reason, life insurance policies are often tremendous assets to use for completing the estate plan that involves charitable giving. Life insurance can be used to benefit charities in three primary ways: 1. designat...
...Designation of the charity as beneficiary at the insured's death; A life insurance policy ca...
The retroactive application of a state law which automatically divests former spouses of the right to life insurance proceeds violates the Constitution's Contracts Clause, a U.S. District Court in Minnesota has ruled in granting a motion for summary judgment. The insured divorced her husband in 1986 after they had three daughters together but never removed him as the primary beneficiary of her $50,000 life insurance policy. Her ex-husband continued paying the premiums until her death in 2006.
In a case where the primary beneficiary of an insurance policy murdered the insured, the benefits should go to the contingent beneficiary rather than to the insured's estate, the Indiana Court of Appeals has ruled. A husband was convicted of killing his wife and her 18-year old son. Under the terms of the wife's life insurance policy, the husband was the primary beneficiary and their daughter, a minor, was the contingent beneficiary. The wife's estate sought the insurance proceeds under the statutory provisions of the Slayer's Rule, arguing that the father, as primary beneficiary, should not benefit from his wife's murder.
Trial court divided proceeds of a life insurance policy between the decedent's widow and ex-wife and 3 daughters. Ex-wife argued that the deceased's designation of the widow as sole primary beneficiary was invalid because of the prior divorce and all proceeds should be hers. Even though the decedent ignored the domestic court's order to name his daughters as primary beneficiaries of $300,000 from the policy, the court appropriately exercised its equitable powers to award the sum to the daughters.
A husband's designation of his ex-wife as the beneficiary of his life insurance policy survives a divorce decree that purportedly divested her of any interest in his insurance policies, the 5th Circuit has ruled. The husband died two weeks after the couple's divorce decree was finalized. The decree stated that the ex-wife was divested of all claim to the husband's insurance policies, including his life insurance policy. But the husband never changed his life insurance designation, and the ex-wife was still listed as the primary beneficiary.
Stephen Scharf called his brother-in-law two days after his wife fell off a cliff and told him that she had committed suicide, the brother-in-law testified Tuesday. Scharf told police on Sept. 20, 1992, that his wife, Jody Ann, had fallen accidentally from the edge in Englewood Cliffs and was found dead nearly 150 feet below.
... say Stephen Scharf, who was the primary beneficiary of a $730,000 life insurance policy on...
... above the surrender value offered by the primary insurer. The investor continues to pay premiums un... between insurer, policyholder, and beneficiary is not a given anymore. Thus, life insurance is no...
.... Therefore, the primary objective of this study was to estimate nationwide... data were obtained from the VHA Beneficiary Identification and Records Locator Subsystem (BIRL...We included insurance variables for Medicare enrollment (12-month fee-fo... status, disability, and quality of life than did the medical comorbidities (Noel et al., 2...
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