can a mistress be a beneficiary?

[mistresslady]

What is the name of your state? kentucky
I am the mistress of a married man with 3 children. He has a life insurance policy for his family. He wants to get another policy with a different company listing me as the beneficiary...is this legal? What companies do this?

 

[moburkes]

Well, at the time of the application he will be required to show insurable interest. Definition:

The beneficiary who would suffer loss if the event insured against occurs; without an insurable interest, an insurance company will not issue a policy.

You will need to prove insurable interest. He could get a policy, and name his children, for example, as beneficiaries. Once the policy has been issued, then he can change the bene to anyone, including you, or, say, his dog. However, he can also get the policy, and not change the beneficiary at all. Or, he could eventually list you as the beneficiary, and then change it, without you ever knowing.

I'm not liking where this is going, so the rest of the answers you will need to get on your own. You want to profit from a married man's death? AND you're proud enough to call yourself mistresslady? Not a lady, actually. Ladiess don't date married men.

 

[Betty]

Well, at the time of the application he will be required to show insurable interest. Definition:

The beneficiary who would suffer loss if the event insured against occurs; without an insurable interest, an insurance company will not issue a policy.

You will need to prove insurable interest. He could get a policy, and name his children, for example, as beneficiaries. Once the policy has been issued, then he can change the bene to anyone, including you, or, say, his dog. However, he can also get the policy, and not change the beneficiary at all. Or, he could eventually list you as the beneficiary, and then change it, without you ever knowing.

I'm not liking where this is going, so the rest of the answers you will need to get on your own. You want to profit from a married man's death? AND you're proud enough to call yourself mistresslady? Not a lady, actually. Ladiess don't date married men.

Good answer!!

 

[CraigFL]

I know on some policies if the spouse is not the primary, they(spouse) can notarize to make someone else the primary.

And then there is the case of WalMart taking life insurance policies out on their older employees...

 

[moburkes]

I know on some policies if the spouse is not the primary, they(spouse) can notarize to make someone else the primary.
And then there is the case of WalMart taking life insurance policies out on their older employees...

What are you talking about?

 

[seniorjudge]

What are you talking about?

http://www.dailykos.com/story/2005/4/4/124346/6066

I think he is talking about the "dead peasant" hoax. Apparently, he fell for this urban legend.

 

[moburkes]

http://www.dailykos.com/story/2005/4/4/124346/6066

I think he is talking about the "dead peasant" hoax. Apparently, he fell for this urban legend.

I was talking about the notarization part. I am both a notary and an insurance agent who has sold more life insurance policies than Craig will ever purchase, and I have no idea what point or what statement he is making.

 

[CraigFL]

I was talking about the notarization part. I am both a notary and an insurance agent who has sold more life insurance policies than Craig will ever purchase, and I have no idea what point or what statement he is making.

That may be true but I can only speak from my personal experience. Some time ago my wife wanted to assign her business life insurance policy to her sister. She was told it could be done but she would need a document signed by me and notarized to say that I was giving up my claim to the money-- because of state law.

Of course the point here was that the "mistress" could do it if she could get the approval of the wife....

 

[CraigFL]

http://www.dailykos.com/story/2005/4/4/124346/6066

I think he is talking about the "dead peasant" hoax. Apparently, he fell for this urban legend.

I looked at your reference but I can find hundreds of other links including AP, ABC & newspapers that show it is NOT a hoax.

 

[moburkes]

Okay. Now I understand what you are trying to say. I just couldn't figure it out. Yes, depending upon state law, the man who is cheating on his wife MAY or MAY not be able to change the beneficiary. Now, the woman who is breaking up a family and doesn't care MAY be able to purchase a policy on the horrible, horrible man, but she will still have to prove insurable interest. What would she "claim" to the insurance company?

Mistress%$^#&: I AM NOT going to tell you which insurance companies will allow this. You will need to call them up individually and ASK if they will allow you to benefit from someone else's husband's death.

 

[LSCAP]

OHHH those angry wives.

I suspect she might be getting screwed with a promise by him, of "I'll even take care of you even if I die".

He cheats on his wife, why should he be trusted by the Mistress.


Honestly honey, I would divorce her if I could, but you know, I don't want to hurt the kids.

 

[Betty]

Honestly honey, I would divorce her if I could, but you know, I don't want to hurt the kids.

Or the dog!