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Amy | Can she do this???? |
Ok my husband and I have been married slightly over a year, and my mother in-law still has a life insurance policy on my husband. We now have a child and I want to be sure that if something were to happen I could take care of him. My husband is 21 , I didn't think she could keep the policy on him after he was 18 or out of school....can she??? I talked to her about it and she thinks that she can still keep it and won't transfer it to my husbands name. what should I / can I do???
Additional Details
F.Y.I. magoo &me. we have a policy for our child, but it won't do any good if my husband dies! and i don't care that it's my husbands mother. after you get married i think "the" family should be the only ones to hold a policy, not parents or extended family. |
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David & Elizabeth S
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Yes she can keep the policy on him. Think of it this way, there are 3 participants in a life insurance policy the first is the insured; the insured is the person whom when dies a benefit is paid. The second would be the owner of the policy, this is who pays and controls the policy. Then the third is the beneficiary; this is the person who receives the benefits after an insured passes away.
Now the way the law states an owner can take a policy out on a person is the owner must have an insurable interest. This means a family member (spouse, son, daughter, mother, father, grandchild, etc.), fiancee, friend or an employer can take a policy out on someone as long as this person would have some kind of a financial loss if that person were to die.
You can ask your mother in law to add you as a beneficiary, I wouldn't argue with her for owning the policy as she is paying or paid for the premiums.
If you are worried about what will happen if something happened to your husband you might want to look at getting a policy for him on your own, one where you own and control it.
If your budget is tight you might want to look at a term policy as they are less expensive when you are young and just starting out. If he is 21 and in good health you can get some really affordable term policies. I'd take a look at a 10 or 20 year term to get you started. |
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mbrcatz
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Yes, she can keep that policy on him forever. She doesn't HAVE to transfer it. It's HER policy. SHE owns it.
You can buy ANOTHER policy on your husband's life- he has to sign off on it, and answer the questions, etc. But then it's YOUR policy on his life, and YOU pick the beneficiary, and pay the premiums for it. |
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Doctor Deth
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why do you care what policy she has? - she's paying for it - you and your husband should have life insurance on each other - forget what she has - it's irrelevant |
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SmartA$$
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yes she can keep the policy,
yes she can keep in her name and she will be the one to collect if your husband dies.
you should get your own policy if you think you would need the finacial support in the event that your husband dies.
If you are uncomfortable with your mother in law having this policy, talk to your husband first. it is perfectly legal. |
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magoo&me
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That's his mother, you know the one who raised him from a baby, fed him, clothed him, and purchased a life insurance policy on him. She paid the premiums all these years, it's probably paid up by now, so she owns it, and can do whatever she pleases with the insurance policy or proceeds if your husband were to die. Just because you are his wife now does not give you any rights to the policy his mother bought. You need to purchase your own life insurance on each other, and your child needs a policy.
You can bet that I will not hand over my child's life policy to a husband she marries one day. It's mine and I will keep it just in case, what if she gets divorced? Then what? Mother's have to look after their own best interests. So, what did your mother sign over your life policy to your husband only fair right...or wasn't she smart enough to purchase one when you were little. |
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Sirecoke
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Yes she can. Anybody can put life insurance on anybody. |
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