Quick Answer: When a life insurance policy has no named beneficiary, the death benefit typically goes to the deceased’s estate and must go through probate court. The surviving partner should contact the insurance company immediately with a death certificate and proof of their relationship to inquire about filing a claim through the estate process.
START OFF THIS WAY MY LIFEPARTNER DIED 1.7.13 AFTER 34 YRS TOGETHER.I WAS ON HIS 401K WHICJH WASN’T MUCH BECAUSE HE TOOK OUT LOANS.NOW I GET A LETTER HE HAD $6500 LIFE INS.BUT DIDN’T BUT ANYONE DOWN ON IT.WHAT CAN I DO
WHAT CAN I DO ABOUT HIS LIFE INS.
RICK
This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.
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For accounts with designated beneficiaries, IRAs, 401(k), Insurance, etc, the beneficiary listed takes precedent over a will. When no beneficiary is listed, the will is followed, so I’m agreeing with Kay’s answer.
This situation is awful. As a financial author, I often run into the issue of planning for a same sex couple and the need to set things up just right. In this case, I’d have recommended the accounts be reviewed annually to be sure the beneficiaries were properly listed as the state might not acknowledge the relationship.
I am sorry for your situation, but hope it can serve as a lesson for Steve’s readers, every last one, to check their beneficiaries and be sure they are listed as desired. Special attention for same sex couples, those who are divorced, remarried, or have lost any loved one who might have been listed as a beneficiary.
For federal estate tax purposes, the same sex couple doesn’t currently benefit from the unlimited spousal exemption, $5.25M, and if they are blessed to have this level of money, need to structure their accounts accordingly.
I agree with Kay. You should call an attorney and ask. You may have a legal ground to claim the life insurance. The question is this, though – who IS listed on the life insurance. You generally don’t buy a policy without listing a beneficiary. Could you approach the person who is listed?
First, I’m not an attorney so I’m totally unfamiliar as to what laws may be available for you to use in this case. I would ask if your mate had a “Will” and if did, that could be your vehicle. Without a Will the Estate will go into Probate, perhaps thru that system you could inject your position as rightful heir supported by the 401K. No Charge to Call Probate Attorney and Ask 🙂