If my grandmother passes away and I paid for her life insurance, who gets the insurance proceeds?
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If my grandmother passes away and I paid for her life insurance, who gets the insurance proceeds?
Can it be split between my aunt’s and uncle’s. Who does it go too?
Asked on August 7, 2014 under Estate Planning, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I am so sorry for your loss. Well, there are some questions here that need to be answered. Who was the owner of the policy? Generally the owner and the insured are one and the same and then the beneficiary designation will govern. If no one was designated as the beneficiary then there is a clause in the policy that states it will go to the "estate of" the decedent. If, however, you were the owner of the policy then it would be paid out to you. But beware your state laws as to what is known as an "insurable interest" meaning a right to own a life insurance policy on the life on some one other than yourself.. If your state does not allow you to own a life insurance policy of your grandmother then the policy could be void or voidable. Seek help. Good luck.
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