Jump to content
Sign in to follow this  
stankey1000

Annuity policy - 1 owner named on policy - owner and co-owner spouse signed the application

Recommended Posts

An annuity policy has 1 owner named on the policy (the husband - he was named as the owner and the annuitant on the app) ) but the husband and the wife both sign the application as co-owners (there is only one place on the app for signatures - the wife was signing as co-owner - not as a consenting spouse).

The policy says that “the beneficiary of the co-owner spouses must be the surviving spouse”, and that “co-owners are deemed to be joint tenants with right of survivorship unless they indicate otherwise”.

The insurance company says that the name on the policy controls and wants to pay proceeds to the beneficiaries - the children of the husband and wife.

What rights does the wife have?

  • Like 1

Share this post


Link to post
Share on other sites

You must read the actual policy to determine whether the husband is the individual owner or if the policy is co-owned by his wife.

"IF" the policy is not co-owned by the wife, then the wife would not have any rights.

The key, in all instances, is to ensure you've read the contract and filled the application out correctly in order to avoid the surprises at the end. The insurance company is basically saying that the policy is not co-owned. "IF" it turns out that the policy is, indeed, co-owned, then the insurance company would not appear correct.

Good Luck!

  • Like 1

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...