P
porcelina
Guest
What is the name of your state? Illinois
My father who died in September, had a life insurance policy on me since 1969. I was 7 years old at that time. When my father died, my mother told me I should cash out the policy if I wanted to. I didnt cash it out then. The need has come up for some extra money for expenses. I want to cash the policy out. For some reason, my mother was put as the owner of the policy. I guess because my dad had been the owner, I am the insured. We thought the policy was only worth about $600.00 to cash out now. Mom was ok with me cashing it out and maybe buying a bond or two after paying my bills.
AFTER mom talked to the insurance agent to give her consent for me to get the money, (a check will be sent to her), she found out the actual payout is $2019. Guess what? Mom wants half of the money to put in 2 bonds $500.00 each in both mine and her names. (I had decided to put some of the money in bonds, thats why mom has all of a sudden come up with this brilliant idea) I told her that bonds must sit around for a LONG time to really accumulate any interest. She is 80 years old. She is not going to be here 30 years from now which is how long I want the bonds I buy to stay put away.
My dad paid for the life insurance for 33 years and mom doesnt want to pay the premiums now. She gave me the bill and told me to pay for it. She wants it in her name, but wants me to pay it. Now she wants me to give her half. Does anyone have any advice? I am having yet another family insurance struggle. Thanks for any help.
Porcelina
My father who died in September, had a life insurance policy on me since 1969. I was 7 years old at that time. When my father died, my mother told me I should cash out the policy if I wanted to. I didnt cash it out then. The need has come up for some extra money for expenses. I want to cash the policy out. For some reason, my mother was put as the owner of the policy. I guess because my dad had been the owner, I am the insured. We thought the policy was only worth about $600.00 to cash out now. Mom was ok with me cashing it out and maybe buying a bond or two after paying my bills.
AFTER mom talked to the insurance agent to give her consent for me to get the money, (a check will be sent to her), she found out the actual payout is $2019. Guess what? Mom wants half of the money to put in 2 bonds $500.00 each in both mine and her names. (I had decided to put some of the money in bonds, thats why mom has all of a sudden come up with this brilliant idea) I told her that bonds must sit around for a LONG time to really accumulate any interest. She is 80 years old. She is not going to be here 30 years from now which is how long I want the bonds I buy to stay put away.
My dad paid for the life insurance for 33 years and mom doesnt want to pay the premiums now. She gave me the bill and told me to pay for it. She wants it in her name, but wants me to pay it. Now she wants me to give her half. Does anyone have any advice? I am having yet another family insurance struggle. Thanks for any help.
Porcelina