A: You are the policy maker, and the insurance money goes to whoever you say in the policy. That is, the money will go to who your policy names as a beneficiary. Your policy can name your estate as well as specific people as your beneficiaries. For example, your policy does not name your estate but does name one or more people as your beneficiaries; then, your insurance money may go to one or more of those named people. If, however, a beneficiary dies before, or at the same time you, the policy maker, then the rules outlined in the Alberta Insurance Act apply.
>>Back to Q & A - Wills and Estates