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Kyppa | Do a parents insurable interest remain when policy was taken out during childhood and now is a married adult? |
Basically, my husband and I do not want his parents to continue to hold a life insurance policy on him.
Additional Details
We are not asking to collect the money for that policy...we just do not want them to have it. |
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Wendy S
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Insurable interest is only required when the policy is issued. The owner is not required to maintain an insurable interest.
As galling as it may be, you really have no say in what happens to the policy. It's theirs to have or not, and name a beneficiary, as they see fit.
If you are on good terms you can offer to take over the policy and make the payments, and if they are willing, great.
But from your post I'm gathering that you aren't on great terms with them, at least about this subject. In that case the best advice I can give you is to pretend it doesn't exist. The only thing you'll get by even trying to discuss it with the in-laws is stress.
Best of luck! |
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St N
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If your husband's parents took out an insurance policy on which they are still making payments, then you need to talk with them about transferring the policy to him so that he can carry the payments and change the beneficiary. If the policy is paid up, it may still be eligible for transfer and then he can do what he wants. If it can not be transferred, then in your discussion with his parents, you need to convince them to cancel the policy and take the value to pay for a vacation.
The bottom line is that if the parents don't want to do anything, then his only option is to outlive the parents so that the death benefits are paid to their estate and your children can fight to collect them. |
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insurance4women
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If the parents are the owners of the policy and they are paying the premium then they are the only ones who can cancel the policy. You can ask his parents to transfer the ownership to your husband - you will then be responsible for the payment of the premium. |
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mbrcatz
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You don't NEED to still have an insurable interest. As long as you have it at the time the policy is originally taken out (or else they won't issue you a policy), once it's there, the policy is THERE.
Many, many times, it happens that there is a divorce, and the ex wife ends up getting the money - even if he's been remarried to someone else for 30 years and hasn't any contact.
THEY own the policy. ONLY the policy owner can change anything, or cancel the policy. There is NO WAY for you - or him - to revoke this policy now. It is irrevocable. |
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katherine
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As long as they pay the premiums or they have been paid up nothing you can do nor should. There must be one heck of a story there. |
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car253
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Call the company. It may be you became the owner at age 18 and do not even know it. And, tell the company your parents no longer have an insurable interest in the policy.
It is like a business partner has life insurance on another partner in case something happens to them, then they could continue the business. If the business goes out of business then that partner no longer has an interest in the life insurance policy because that need no longer exists.
You also may want to contact your Dept of Insurance or Insurance Commissioner for help. I don't think they could hold a policy that you think they no longer have an interest in. But I could be wrong so contact the Dept of Insurance and ask them.
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SusieQ
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Yes, if they are owners of the policy and continue to pay the premiums, they can maintain the policy. If you have reason to believe that your husband is in danger because of this policy, you can request and insurance company investigation, but it probably won't do any good. |
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Been There~Done That!
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Their life insurance policy, their money pays for it, yours doesn't. |
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