T.D. McNeil Insurance Services works with people just like you every day in Folsom, CA to claim life insurance benefits. Once the claims are distributed, the funds can be used to pay off a mortgage, pay off tuition expenses for college, or just about any other way the beneficiary sees fit. Keep reading to learn more about life insurance and how to find out if you are a beneficiary.
What Is the Beneficiary of a Life Insurance Policy?
A beneficiary is the individual or organization named in legal documents as the recipient of a person’s financial assets. Regarding life insurance, the payout will go to the beneficiary listed in the policy.
Even if a will says that the life insurance payment should go to a different person, most of the time, the beneficiary named in the policy is the one who gets the money. Policyholders can choose a secondary beneficiary, also called a contingent beneficiary, in case the main beneficiary of the insurance policy can’t or won’t get the money. In the event a primary or secondary beneficiary is unable to receive life insurance benefits, the funds will go to a residuary beneficiary.
How to Find Out if You’re a Beneficiary?
It is not up to the life insurance company to tell the people who are supposed to get the money from the policy. If you think you might be the policy’s beneficiary, you should contact the probate court where the person who died lived. Life insurance beneficiary data is public information, so you can check the person’s will to see if you’re listed in it. In the event that you are, you’ll then need to contact the executor of the will.
Give Us A Call
Think you’re the beneficiary of a life insurance policy in Folsom, CA? Contact T.D. McNeil Insurance Services today to learn more about the process of finding out if you are owed any beneficiary funds.