Aboutleboyd Expertise I can answer questions relating to life insurance, estate planning, business succession/continuity planning and tax-effecient retirement planning. I have advised clients for many years on these areas, and how they relate to life insurance.
Likewise, I have worked with many on Long-Term Care needs.
Experience I have been a top producer for the past 5 years. Prior to that I was the CEO of an international company, having the concerns from a clients perspective (now having been a client of NYL for more than 15 years)
Organizations Society of Financial Services Professional
Million Dollar Round Table
Education/Credentials In addition to an BBA and an MBA from a top-10 school. I have earned the LUTCF, NASD Series 6, 7, 63 and 66 licenses.
Awards and Honors Top Life Producer
Top Long-Term Care Producer
Question My brother recently passed away. His wife is contesting the life insurance policy. About two years ago my brother took out a term life policy for $400,000 and named his wife who he had just married a few months earlier as the beneficiary of this policy. A short while later he found out he had terminal cancer. The marriage started to go bad and he decided to change the beneficiaries on the policy. This is how he wrote up the beneficiaries, 280,000 to his brother (me),80,000 to his wife,10,000 to each of his four children. His wife signed the policy and it was submitted to farmers insurance. When my brother passed away in July of this year , a couple weeks later she contested the policy. So now the funds are frozen. She is going to claim she was under duress when she signed the policy. How hard will this be to prove if we go to court?
Answer David,
Sorry to hear about your loss.
Unfortunately, this is more of a legal question than a life insurance question. However, I will tell you what my brother (a litigation attorney) says - settle. He always says the last thing you want to do is go to court because you never know what the jury will be like.
The insurance company will not be of much help because they're happy to wait 5 years for the court process to finish before they have to pay out the benefit.
I'd contact a local attorney that you know and also ask them for their opinion.
