Can mother in law buy insurance?

[kandyguinn]

What is the name of your state? Tennessee My 19 year old son recently got married. My question is can his new mother in law buy life insurance on him and put herself as beneficiary when I already have a policy on him where I am the beneficiary and have had this policy since he was born? And if so can I put life insurance on my new daughter in law? Thank you, Troubled in Tennessee

 

[rmet4nzkx]

Yes
Yes
and Yes

 

[BelizeBreeze]

What is the name of your state? Tennessee My 19 year old son recently got married. My question is can his new mother in law buy life insurance on him and put herself as beneficiary when I already have a policy on him where I am the beneficiary and have had this policy since he was born? And if so can I put life insurance on my new daughter in law? Thank you, Troubled in Tennessee

Not only yes, yes and yes, but your daughter in law can also put a policy on you, him and her mother, you can put one on any children of the marriage, on the mother in law and on the tree outside if you feel like it.

 

[somarco]

My question is can his new mother in law buy life insurance on him and put herself as beneficiary

I will ask the same question the carrier will ask . . . where is the insurable interest on the part of the MIL?

 

[BelizeBreeze]

My question is can his new mother in law buy life insurance on him and put herself as beneficiary

I will ask the same question the carrier will ask . . . where is the insurable interest on the part of the MIL?

And the MIL will answer " as a member of the family " CASE CLOSED.

 

[somarco]

And the MIL will answer " as a member of the family " CASE CLOSED.

That seems like a weak response to me. Believe the carrier would want to know more details before allowing an in-law with no direct financial ties to the insured be a named beneficiary.

jmho . . .

 

[BelizeBreeze]

And the MIL will answer " as a member of the family " CASE CLOSED.

That seems like a weak response to me. Believe the carrier would want to know more details before allowing an in-law with no direct financial ties to the insured be a named beneficiary.

jmho . . .

Well now, since this is a LEGAL ADVICE forum you show me any state statute or federal law that provides support for it being illegal for this poster's mother in law to take out an insurance policy on anyone, even a stranger they meet on the street.

This is a company specific situation and not a legal question.

 

[rmet4nzkx]

The answer is still,
Yes,
Yes
and Yes!
Let's say daughter's hubby dies and daughter moves home without any support for some reason?
There is nothing illegal, as BB said, it maybe a question a company asks, but it is not prohibited.