Legal Question in Insurance Law in Pennsylvania
Life insurance beneficiary
I have named as the beneficiary on my life insurance policy a non family member. He was nice enough to agree to co-sign a loan for me.
I have named him as my beneficiary to cover the amount of money on the loan that he is consigning.
If I die, the life insurance policy will give him the money to pay off the loan plus money for my funeral expenses.
He is concerned that someone in my family such as my sister will try to contest his beneficiary status in court.
I told him that I didn't think anybody could contest his beneficiary status. What is your opinion on this matter.
Thank You
RRS
2 Answers from Attorneys
Re: Life insurance beneficiary
You asked about a life insurance policy.
Most important is that the language of the policy will govern unless it is superceded or is contrary to public policy.
What you have suggested is a very normal occurrence and is one of the most common uses of life insurance. Generally the only party that could contest the policy would be the insured, the beneficiary or the insurer.
One concern is that nothing guarantees that the beneficiary will provide for your final expenses. That will be up to his good will.
Regards,
Roger
Re: Life insurance beneficiary
why not get an opinion from the Insurance Company. After all they will be the ones making the initial decision. Generally, the named beneficiary is entitled.
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