LIfe insurance-if the designated beneficiaries (primary and contingency) adjectives die?
would the life company try to locate your relatives to wage the money or would it just hold on to the money.
Answers:
It would go to the estate of the primary beneficiaries.
Life insurance companies mostly don't "scout them out". But they WOULD send a message to the last agreed address of the primary beneficiary.
More to the point, someone has to notify them that the insured DIED. If not a soul files a claim on the deceased personage, they have no path of knowing they are dead.
Which is why it's significant, as the years go by, that you review your policy and update the information.
Unless you are alive to designate the "next within line", the money goes into your estate IF THERE'S A WILL. If there's no will, it become "property of the state".
The insurance company has no route of knowing when you die unless someone notifies them. If you enjoy a will and have name an executor and the beneficiaries all predecease you, consequently your exexutor would file a claim on behalf of your estate and the benefits would be compensated to your estate. I know that is complicated and to be exact why it is so important to other make sure your beneficiary is updated at the extermination of any of them.