Does a designated individual beneficiary of a life insurance policy have an obligation to collect the proceeds of the policy from the estate of the insured?

The law is clearly established that where a policy of life insurance payable to a designated individual beneficiary is pledged to a third party as collateral security for a debt of the insured, and there appearing to be no contrary intention on the part of the insured, then the primary obligation for the debt rests on the estate of the insured, and if the creditor collects the debt from the proceeds of the policy, then the designated individual beneficiary of the policy is subrogated to the rights of the creditor to collect from the estate of the insured. Walzer v. Walzer (1957) 3 N.Y.2d 8, 163 N.Y.S.2d 632, 143 N.E.2d 361 and cases therein cited.