Life insurance question

[Magic Mom]

If a person makes you the beneficiary of their life insurance, do they need your social security number to do it? DH's brother ( a nice guy who I love) has had a rocky past and made poor decisions (putting it mildly). He has serious money problem. He emailed DH and asked for his SSN so he can add him as a beneficiary of his life insurance. DH isn't going to give it to him whether it's needed it or not, but it made me wonder.

 

[ontariomonkey]

I would say 'hell no' but that would be a guess. Here in Canada you don't need the person's social insurance number or anything else other than their name.

 

[Donnainnj]

I think my mom did ask us for our SS numbers when she put us as beneficiaries of her work life insurance. Maybe you can call the company providing the insurance and give the number directly if it is necessary.
Donna

 

[Eeyore'sthebest]

I would ask him for the name of the agent, call the office, and if necessary provide it directly to them.
But I don't believe I've had to provide my SS# to anyone for beneficiary purposes, nor have I ever asked for anyone's number.
Good luck.

 

[golfgal]

Yes you need it and I agree, I would call the agent myself.

 

[wdwfan16]

Whenever I have filled out life insurance for DH or I we had to list the SSN.

I would not give it to him but if he is really getting insurance I would tell the agent, as suggested above.

 

[LuvOrlando]

I would also ask for the name of the agent as a safeguard against a con but realize that your BIL will have access to his beneficiaries list and will be able to see it almost immediately. The reason he will be able to see it is because it's his policy and he can alter beneficiaries at will.

 

[KristaTX]

Yes. We just did that, and I had to get the SS#s for them.

 

[ZachnElli]

Yes, we have had to also. There are alot of John Smiths out there and a SS# makes sure it gets to the right one.

 

[minkydog]

I just finished filling out Life Insurance paperwork and I did not have to provide any SS#s for my beneficiaries. I would be very wary of this situation.

 

[DebbieB]

I was thinking of adding my aunt as a beneficiary of my work life insurance. They did ask for the ss# so I could not do it without telling her. I believe the reason is although the base benefit is not taxable, interest earned can be. When my mom died, there was a couple of months from the time she died to when we filed for the insurance and we did get some interest for the time in between and it was taxable.

 

[Magic Mom]

Thanks everyone. After reading your responses, I remember needing SSN for my work insurance. I honestly think his intentions are innocent. He wants DH as a beneficiary because he knows we will make sure his kids get all the money as opposed to giving it to their various baby mammas. But I don't want the opportunity to for him use it for other reasons just floating out there because he isn't responsible yet (by age 40). We just don't want to get burned.

 

[golfgal]

Thanks everyone. After reading your responses, I remember needing SSN for my work insurance. I honestly think his intentions are innocent. He wants DH as a beneficiary because he knows we will make sure his kids get all the money as opposed to giving it to their various baby mammas. But I don't want the opportunity to for him use it for other reasons just floating out there because he isn't responsible yet (by age 40). We just don't want to get burned.

A better solution would be to set up a trust for the benefit of the kids, have the trust be the beneficiary of the life insurance and have your DH be the trustee. There would then be accountability on all sides with the money AND you and your DH would have some 'back=up" if these mom's tried to get access to the money.

 

[pirateofthecarolinas]

No. I am the beneficiary of my brother's life insurance and he didn't need my social. My DB did it for the same reason. His wife has a son from a previous marriage that is nothing but trouble. He wants to make sure that I have enough money for his daughter if something were to happen to him. His wife has no idea that I am the beneficiary.

 

[DVC-Don]

No, all we need is the name and relationship.

 

[The Mystery Machine]

Thanks everyone. After reading your responses, I remember needing SSN for my work insurance. I honestly think his intentions are innocent. He wants DH as a beneficiary because he knows we will make sure his kids get all the money as opposed to giving it to their various baby mammas. But I don't want the opportunity to for him use it for other reasons just floating out there because he isn't responsible yet (by age 40). We just don't want to get burned.

If you don't want to get burned then don't provide the SSN. I know it is harsh however if he wants the money for his kids there are other ways for him to set things up. And really if they kids are the beneficiary, the kids should be named the beneficary thru a trust, not you.

He can change the beneficiary at any point so just because he wants your dh now, doesn't mean it is going to stay that way. What if you guys have a "falling out" down the road? Will he have access to that info?

I guess I would call the agent and ask of the brother will have access to your SSN. If he says yes, my answer would have to be no.

 

[Disneycrazy!!]

I just updated our life insurance policy last week and didn't have to have SS numbers. They just asked for full names and address and relationship.

 

[Tiggerlover91]

When my father died and my life insurance policy went to my name it asked me for a beneficiary and a SS.

 

[The Mystery Machine]

Here is my thought. The insurance company can ask for the SSN however you should not have to provide it unless your brother dies and you are receiving the money.

Then I can see providing your SSN.

Anyway that is what makes sense to me.

 

[ToddyLu]

I had to use my DH's and Father's SSN for beneficiary stuff at work.