Relatives Say No To Beneficiary Designation.

[goillini52]

I have assigned RNA policies to funeral homes when people needed to qualify for Medicaid several times.

Many insurance companies won't let you make the initial beneficiary as a funeral home. But once the policy is issued you can change the Benny to a funeral home.

Some people make their minister their beneficiary too. But that doesn't help on a Medicaid qualification.

Just because somebody's a preacher doesn't mean you can trust them. Think Jim Bakker, etc. Also some of the biggest crooks I've seen in the insurance business were preachers. Not aimed at Louis and Josh.

 

[Newby]

Scott, I seem to remember working a few states (including Texas, which may be among the most restrictive) that prohibit naming a FH as beneficiary. How do you go about getting a policy assigned over in those states? I know it can be done when part of a preneed contract, but what about a stand alone life policy?

I don't think this is all-inclusive, but this page from KC Life website shows some state specific rules: Beneficiary Change (299)

That's good info. I've not seen that before.

I've never sold in Texas or any state that doesn't let the funeral home be the beneficiary. The problem with having 50 states is that they all have various quirky rules about everything.

 

[Newby]

Just because somebody's a preacher doesn't mean you can trust them. Think Jim Bakker, etc. Also some of the biggest crooks I've seen in the insurance business were preachers. Not aimed at Louis and Josh.

I didn't say I recommend it. But I've seen it.

I agree. Many crooks and con artists become religious leaders.

 

[shonceman]

Just because somebody's a preacher doesn't mean you can trust them. Think Jim Bakker, etc. Also some of the biggest crooks I've seen in the insurance business were preachers. Not aimed at Louis and Josh.

I didn't say I recommend it. But I've seen it.

I agree. Many crooks and con artists become religious leaders.

I've heard a saying about that: "Sometimes a mouse gets into the cookie jar. That does not make him a cookie!"

 

[rousemark]

Scott, I seem to remember working a few states (including Texas, which may be among the most restrictive) that prohibit naming a FH as beneficiary. How do you go about getting a policy assigned over in those states? I know it can be done when part of a preneed contract, but what about a stand alone life policy?

I don't think this is all-inclusive, but this page from KC Life website shows some state specific rules: Beneficiary Change (299)

Tennessee does not permit it but is not on their list..

 

[Todd King]

Just because somebody's a preacher doesn't mean you can trust them. Think Jim Bakker, etc. Also some of the biggest crooks I've seen in the insurance business were preachers. Not aimed at Louis and Josh.

Louis and Josh don't use it to try and promote their business. I'll bet most of the ones you've seen in this business used it to promote. At least that is my observation.

 

[jerryrut]

At some point these states/insurance companies will have to come to their senses about naming a FH the beneficiary because a lot of folks don't trust their family with the money due to drugs and pure sorryness.

 

[goillini52]

At some point these states/insurance companies will have to come to their senses about naming a FH the beneficiary because a lot of folks don't trust their family with the money due to drugs and pure sorryness.

Also, there are people that don't have any relatives left.

 

[jerryrut]

I just don't know what the problem is if you include the proper wording like "as their interest may appear with the balance to the Contingent" or something to that effect.

 

[rousemark]

I just don't know what the problem is if you include the proper wording like "as their interest may appear with the balance to the Contingent" or something to that effect.

The problem is the state regulation does not permit no matter how it is worded..