What happens to a policy when the owner is deceased and there are insurers on the policy?

UPDATED: Jun 3, 2009

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What happens to a policy when the owner is deceased and there are insurers on the policy?

The owner (father) of life insurance is deceased. There is a policy for myself (daughter), my mom and two brothers in my father’s name, and he is the beneficiary on all the polices.  What changes would we have to make?  Also, I want to take over my own policy.  Would that be a problem, and would there be any changes in the policy?

Asked on June 3, 2009 under Insurance Law, New York


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Who is the beneficiary's for your father's insurance policy? Usually it is a beneficiary, then a secondary.


As to your particular policies, who is your secondary beneficiary? It would usually go to that person.  However, you should probably talk to your insurance companies to change the beneficiaries.  Then, intestate law and trust and wills laws will kick in. 

What do you mean take over your own policy?

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