Is my life insurance beneficiary automatically my spouse?

Usually not. Life insurance companies typically write a check for the life insurance death benefit proceeds to whoever is named on the life insurance policy as a beneficiary.

Sometimes that could be an ex-spouse if the life insurance policy owner didn't change beneficiaries after getting divorced.

A spouse has no automatic right to life insurance money except in states with community-property laws.

In those states, a spouse might be entitled to a portion of the life insurance death benefit.

Where should I keep my life insurance policy?

Your life insurance policy is evidence of your coverage to be left your your family (beneficiaries).

Keep your life insurance policy in a secure place that is fire-proof, such as a bank safe deposit box.

Keep a copy of your life insurance policy at home, along with important communications from your life insurance company and receipts or copies of your premium payments to the insurance company.

Make sure your beneficiaries know how to make a claim on your life insurance policy upon your passing, or understand how to contact the insurance company in the event of your death.

Beneficiaries for Smoker Life Insurance Policies?

Do beneficiaries who are smokers increase the premiums for a non smoker life insurance policy owner?

No, they do not increase premiums for the policy owner.

The owner of a life insurance policy is the one who has the rights that are stipulated in the life insurance contract. These include the right to name a beneficiary of the life insurance policy.

The person insured by the policy, who is often the owner of the life insurance policy, is the person whose death causes the life insurance carrier to pay out the death claim to the beneficiary of the life insurance policy. The beneficiary can be a person, trust, estate or business.

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