Alex Can someone have a life insurance policy on me without my knowledge?
You can’t take out a policy on just anyone. You need to have the individual’s permission (you can’t get a policy on someone without them knowing), and you must be able to show insurable interest – proof that you will suffer financially if they die.
Where can I Find my Dads life insurance policy?
Contact your dad’s auto or home insurance agent. People often use the same company for all their insurance needs, so it’s possible your dad purchased the life insurance policy through one of those agents.
Why did my parents Buy Me Life Insurance?
Your parents may have bought you this policy for a few reasons. They are guaranteeing your insurability. If, during your upbringing, you contract an illness that affects your ability to get life insurance for the rest of your life, your parents will already have jumped the gun by getting you this policy.
Can a parent have you drawn and quartered on a life insurance policy?
No! First of all, you parents could very well have you drawn and quartered if you cancel the policy before it reaches “maturity” – which in their eyes means a hefty cash value, probably projected to happen when you reach retirement. If you need cash now, there are a few ways to accomplish this while still keeping the policy alive.
Can you steal money from a life insurance policy?
First of all, rest assured no one can steal the life insurance money from you if you are named the beneficiary on the policy. Life insurance companies make sure the checks are made out to the right people. If you can’t lay your hands on a copy of the policy, try to find out the name of the company that issued it.
Contact your dad’s auto or home insurance agent. People often use the same company for all their insurance needs, so it’s possible your dad purchased the life insurance policy through one of those agents.
Can a father leave his life insurance to his second wife?
A father marries a second time and has children from that marriage. He can leave money to a child from his first marriage, or even to his first wife, without the second wife even knowing about it. If he has a life insurance policy naming his older children and first wife as beneficiaries, he need never tell the second wife.
What happens if someone inherits a life insurance policy?
Knowing that someone else inherited mom’s estate, including a big life insurance policy, is one thing. Trying to contest the beneficiary of a life insurance policy is another. You’ll be required to show the court that: The deceased lacked the mental capacity to know what she was signing.
Are there any situations where life insurance will not pay out?
In other words, you can’t simply take out a life insurance policy and assume you have a guarantee that a certain amount of money will be paid no matter what. Common sense will tell you that it probably doesn’t work like that. Here are seven specific situations in which life insurance will not payout. 1. Suicide