How are life insurance policies paid out? To the policy holder or the trustee?
My parents have a life insurance policy in my father's name. They are both trustees. They are now divorced. Who receives the benefits of the policy as it has now matured? Any help would be appreciated- It must be an endowment. Life policies are only paid on the death of the policyholder / named person and are paid to the beneficiaries named either on the policy or in a will. If both parents are beneficiaries trustees then it will be paid to them both. They need to arrange with the insurance company who it needs to be paid to. Divorce lawyers will usually arrange for the paperwork to be signed after an agreement has been made as to who benefits. They could split it or one could ign it to the other
- If this is a term policy, it does not pay until the death of the named person. If the premium payments stop the insurance just goes away and there is no benefit paid out. If it is something else with a cash value whole life, annuity, etc, it can be cashed out and the remaining value will be paid to the owner s. It sounds like they are both "owners" as trustees and they will need to share the money. As the previous poster pointed out, this is typically taken care of during a divorce settlement. If this item was missed it usually is not if the divorce attorneys are experienced then they will need to take care of. Either another court date or just split the money themselves
- Policies are paid out to the beneficiaries. If the beneficiary is a trust, the money would be paid to the trust. The trustee managing the trust would then distribute the money according to the terms of the trust. So in your case, it sounds like if your father died, the money would go to the trust, and your mother would be the trustee, distributing the money according to the terms. If the policy has really matured while they are alive seems odd, unless your parents turned 100 with an endowment policy, the money goes to the owner
- The policy holder is usually dead when a life insurance policy is paid out. Get a job
- They're paid out however it says, in the BENEFICIARY clause. The policy holder is DEAD, ya know. So however they set it up to pay out, it pays out. GENERALLY it will not pay a minor. Policies are not like bonds - they do not "mature". When the covered person dies, they pay the named beneficiary. The named owner of the policy gets to pick the beneficiary. TRUSTEES are over trusts. Not insurance policies. You will have to ask the policy owner who gets the money when the insured person dies. And they can say "it's none of your business" which would be perfectly true
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