Is a purchaser of a life insurance policy entitled to the proceeds of the policy to his wife and children?
Ontario, Canada
The following excerpt is from Goodis (Guardian of) v. Goodis Estate, 2002 CanLII 27185 (ON SC):
A similar case, in quite different circumstances, was Newport v. Mountainside Medical Pharmacy [1995], O.J. No. 2892 (Ont.Gen.Div.) where the purchaser of a corporation was held not entitled to the proceeds of a policy of life insurance held by the company. The formal method of registration of the policy and the designated beneficiary did not govern where the essence of the purchase agreement and the way the policy was being dealt with by the deceased principal of the company indicated that it was held for the benefit of his wife and children and was not an asset of the company.
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