What is the name of your state? New York
There is a person who took out a life insurance policy on their son and grandson a couple years ago. Recently, these same people approached the son and his family concerning using the policy to pay off a student loan to avoid paying the monumental amounts of interest from the loan. The deal sounded good, the loan would be paid off much sooner and they went ahead and borrowed from the policy.
Just recently, the son's wife talked to her mother-in-law in an attempt to get the phone # of the company to see if there was a more viable way of paying back the loan (off the life insurance) that would be a little more feasible for the family and to have some questions answered. Her mother-in-law refused to comply, stating that it was HER policy because they paid to set it up, although the son (her husband) and grandson (her son) are the principals named in the policy. My guess is that she either did not appreciate being questioned w/ regards to repayment or this is some sort of control manuever. In any, event, she wouldn't budge with the insurance company name or phone number to help this family pay it back. The son is now so disgusted, when the loan has been paid off, he wants to pull his and his son's name from the policy as the principals involved. He has a plan to pay everything off in the next two years, then wants nothing more to do with it if it is being used as an instrument to hold over the family's head.
What are the rights here? Can a person(s) whose names are listed as the principals on a life insurance policy ask to be removed from a policy someone else paid on? Or is this a manuever that could be blocked in the same way the phone info was blocked?
There is a person who took out a life insurance policy on their son and grandson a couple years ago. Recently, these same people approached the son and his family concerning using the policy to pay off a student loan to avoid paying the monumental amounts of interest from the loan. The deal sounded good, the loan would be paid off much sooner and they went ahead and borrowed from the policy.
Just recently, the son's wife talked to her mother-in-law in an attempt to get the phone # of the company to see if there was a more viable way of paying back the loan (off the life insurance) that would be a little more feasible for the family and to have some questions answered. Her mother-in-law refused to comply, stating that it was HER policy because they paid to set it up, although the son (her husband) and grandson (her son) are the principals named in the policy. My guess is that she either did not appreciate being questioned w/ regards to repayment or this is some sort of control manuever. In any, event, she wouldn't budge with the insurance company name or phone number to help this family pay it back. The son is now so disgusted, when the loan has been paid off, he wants to pull his and his son's name from the policy as the principals involved. He has a plan to pay everything off in the next two years, then wants nothing more to do with it if it is being used as an instrument to hold over the family's head.
What are the rights here? Can a person(s) whose names are listed as the principals on a life insurance policy ask to be removed from a policy someone else paid on? Or is this a manuever that could be blocked in the same way the phone info was blocked?