Permanent Life Policy Question

[waiting2hear]

I live in NC and have a question about Permanent life policy. My father purchased a policy a couple of years ago (with my consent) for a policy that would pay back if i didn't die. The understanding at the time, was that i would get the money when the policy matured.

However...he has since remarried and things have drastically changed. I know i will not see any of that money. I do not want his wife to be able to get one red cent of the money. What are my options? Can i say that i didn't consent to the policy? Can i change the beneficiary to exclude her in some way? Do i even have any rights to get the money for myself?

Thanks for some advice,
Kelly.

 

[Zigner]

I live in NC and have a question about Permanent life policy. My father purchased a policy a couple of years ago (with my consent) for a policy that would pay back if i didn't die. The understanding at the time, was that i would get the money when the policy matured.

However...he has since remarried and things have drastically changed. I know i will not see any of that money. I do not want his wife to be able to get one red cent of the money. What are my options? Can i say that i didn't consent to the policy? Can i change the beneficiary to exclude her in some way? Do i even have any rights to get the money for myself?

Thanks for some advice,
Kelly.

Is he the OWNER of the policy?

 

[waiting2hear]

Sad to say, but yes he is.

 

[Avery'smom]

If he owns the policy you have no rights to it. He owns it, he paid for it, he can do whatever he wants with it. Period

 

[20pilot]

Sad to say, but yes he is.

No problem. Go kill yourself. Quite likely the insurance will not pay out for suicide. No money goes to her.

You seem to be focused mainly on keeping the money from her which has led to this rhetorical suggestion. Decisions made out of hate are never good decisions. Look for positive things in life and you will live and die a lot happier.

 

[ErinGoBragh]

No problem. Go kill yourself. Quite likely the insurance will not pay out for suicide. No money goes to her.

You seem to be focused mainly on keeping the money from her which has led to this rhetorical suggestion. Decisions made out of hate are never good decisions. Look for positive things in life and you will live and die a lot happier.

Not even close though. Most insurance companies have a suicide clause, where if the insured offs themselves after more than two years from the policy start date, the policy still pays out to whomever the beneficiary is.

I know it was meant to be sarcastic, but still..

OP, your father purchased the policy on you; he is allowed to do that, and more so, you allowed him to do it, unless you were a juvenile at the time, and didn't get a say. But he's still allowed to have that on you, pay for it, and leave it to whomever he would like.

If you're so upset about it, I would suggest that you go purchase your own policy on yourself and leave that money to whomever you please, because Dad has every right to keep that policy on your life that he bought.

Alternatively, you *could* go to your father and ask him if he would be willing to sign over ownership of the policy to you and you would make the payments from hereon in. He would lose his investment in the policy by doing that, but it is always worth asking about. But short of him consenting to that and you both signing paperwork at the behest of both of your mindsets, your father cannot be compelled to do anything.