life insurance pay out.

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Elives, 29th Jun, 2015.

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  1. Elives

    Elives Well-Known Member

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    so basically my gf dad has passed away and they made a deed with the stepmother and are supposed to receive money from the life insurance pay out. but it's more then 6 months and still haven't received anything. and only the stepmother is allowed to talk to the insurance company.

    my question is how do you know the stepmother hasn't ran off with the money? it's written in the deed that once she receives the money she has to give some to the daughter. but what security is used?

    etc in property you could have a caveat which wouldn't allow the other person from redrawing the loan / selling the property without notifying you the caveat (person).

    how does it work with a deed? yes she does have a lawyer. and that lawyers idea was just make a clause like "must keep daughter updated every 2 weeks" something like that. but i mean the stepmother could just lie?
     
    Elives, 29th Jun, 2015
    #1
  2. MRO

    MRO Well-Known Member

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    I thought most life insurance polices had a named/defined beneficiary. If your GF is named surely she has the right to discuss with insurance company?
     
    MRO, 29th Jun, 2015
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  3. Elives

    Elives Well-Known Member

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    she doesn't only the stepmother has legal right to talk to the insurance company and the stepmother wont give my gf legal access to talk directly to the insurance company.
     
    Elives, 29th Jun, 2015
    #3
  4. Handyandy

    Handyandy Well-Known Member

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    Who drew up the deed and for what reason?

    I suspect that it is tied up with the estate. Sounds like the gf allowed the step mother to draw up a deed of settlement and she signed without seeking independent legal advice.

    Need more info.
     
    Handyandy, 29th Jun, 2015
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  5. Elives

    Elives Well-Known Member

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    it is to do with the estate of her late father and it was done by her lawyer.
     
    Elives, 29th Jun, 2015
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Deed of family arrangement?

    This deed would be set up by the parties, who would be beneficiaries of the will or potential beneficiaries, and the purpose would be to divide things up in a way to vary the instructions in the will.

    Separate to this the beneficiary of the insurance policy would be entitled to the insurance proceeds.
    No way of knowing when or if the insurance company has paid without the cooperation of the beneficiary.
     
    Terry_w, 29th Jun, 2015
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  7. Elives

    Elives Well-Known Member

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    that makes sense, but what actually makes the stepmother pay. i mean my gf will never know if the insurance has paid out. i mean the only person who knows is the stepmother and lets say she's lying and has got the insurance money 3 months ago. my gf could never prove this as she's not aloud to talk to the insurance company directly? what would you do in this scenario where you don't trust the beneficiary?
     
    Elives, 29th Jun, 2015
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  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Its like any promise. nothing to stop someone breaking it. Ask for the last correspondence from the insurance company. If in doubt you can ask their lawyers to talk to each other. Otherwise sue. Both are parties to the deed I assume?
     
    Terry_w, 29th Jun, 2015
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  9. Elives

    Elives Well-Known Member

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    yes they are both parties to the deed. thanks for the info i'll let my gf know cheers!
     
    Elives, 29th Jun, 2015
    #9
  10. CU@THETOP

    CU@THETOP Well-Known Member

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    If it is a Super death payout your GF may be a dependant. Superannuation Complaints Tribunal?
     
    CU@THETOP, 1st Jul, 2015
    #10
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