Who is entitled to the life insurance benefits?

My stepdad had my sister and I as beneficiaries on his life insurance. Our mother took ownership of his insurance policy when he was put in a nursing home. Our stepdad passed away this week and I wanted to know, since our mom has ownership of the policy, will the policy be paid out and will my sister and I still receive the money?

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The first thing I think you should do is call the insurance company and confirm that you and your sister are still the beneficiaries. The owner of the policy controls those designations. If your mother assumed ownership, she might've changed the beneficiary to someone else, like maybe herself. I would like to assume she would have kept your stepdad's wishes, but family members can do funny things when under stress.

If she did make a change, then the proceeds will go to whomever she designated. If she didn't, then ask the carrier for a claim kit so you can expedite the payment to you and your sister.

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