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Man H | As a power of attorney to someone, can I by law change or alter that person life insurance premium? |
Additional Details
Supposed that person doesn't have that long to live?
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Jeff H
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Yes -- with a general power of attorney. You can represent the person. The insurance company would have to agree as well since you are in effect trying to modify the contract terms.
PROVIDED you can defend your actions as in the best interest of the person you are representing. Depending on what you are trying to do, your actions may not be in their best interest.
IF you are trying to increase their insurance, I recommend you NOT change the existing policy because there are clauses in insurance policies and insurance law something to the idea of "in anticipation of death". Often, there is a clause requiring the person to survive 2 or 3 years after the policy was written. Something like that may apply to changes in a policy. Regarding new policies or changes to existing policies, if you have good reason to believe them to be dying or expected to die soon, most insurance companies will not write the policy and may not pay off beyond refund of premiums paid if you are correct about the person's anticipated death.
Now some policies may have a guaranteed clause that the person can purchase additional insurance at certain times. IF that is what you are trying to do, go for it. It certainly is worthy of inquiry if the existing policy has such a clause.
Now if the doctor says the person has advanced cancer with a limited time to live AND the insurance company has a policy of paying early if something like that occurs, then you may most certainly make inquiry to the insurance company about that.
I am NOT an attorney nor am I an insurance professional. The above is a personal opinion based on my reading. |
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rhsaunders
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If you have a general power of attorney, you should be able to do so. |
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insuranceguytx
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Talk to an attorney. No one here can read your POA document. |
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just hanging around
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read the contract |
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butch
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check with an attorney first because he may be that one phone call you can make later
yes, but you could end up with a nice pair of shiney bracelets --if anyone from his family - thinks insurance fraud has been committed - especially if you suddenly become the benefactor just before "the passing" -- via your signature and the person is too incopacitated to acknowledge his approval of the change- |
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mbrcatz
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The PREMIUM? Well, the company has to agree to it.
If you alter the beneficiary clause, in your favor, I think it would be overturned to the original beneficiary in court - if the insurance company would even honor it in the first place. |
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swood1968
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If you have a general power of attorney you can pretty much do anything you want. |
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