Yes please remember to do this. PSA: My mother died about 9 years ago and when I was going through all her paperwork I found a statement from a life insurance policy - it was very small - only about $2500 would pay out. I contacted the company to inform them of her death and was told that my father was listed as the beneficiary. My father who left her with 3 children in 1976 and never contributed a cent in child support ever. The insurance company didn't care and could I please forward them his SIN and contact information. I politely told them I was going to do nothing to help him profit from her death. So, of course, they keep the money but I was happier with that than the alternative
Originally Posted by jjchris
It's sadly not all that uncommon for military widows not to get their husband's life insurance because it was never changed from MIL (or whomever) when they got married. And there are stories of the MIL refusing to give the money to the wife.
DH recently discovered that he has some insurance policy he's been paying $8/mo for for forever. It's on his paystub, which he's generally the only one who reviews and I guess he's been ignoring that deduction for 15+ years. I'm in favor of canceling it because I think he really is over-insured, but he wants to keep it. It wasn't a hill I was willing to die on, but I told him that it he's going to keep it, he damn well needs to make sure the beneficiary is changed. The policy is from when he graduated from college.
$300/year for $250K is pretty good. We have $375K on DH, plus I think he has some from his union and his parents may have one on him. Not sure. I have $50K through work and $250K. We pay more than $300/year.