policy Tag

Simultaneous Death and Life Insurance Proceeds

Beneficiary designations are pretty clear in life insurance policies. Basically, if you have life insurance and you pass on, the proceeds from your policy go to your designated primary beneficiary. This could be your spouse, your child, or close friend, etc. But what happens if you, and your primary beneficiary, pass away at the same time? This may sound far-fetched, but it is definitely possible. For example, if you named your spouse as your beneficiary and you both wind up getting killed in a car accident. If both you and your beneficiary die at the same time, it can create problems....

Continue reading