Grandparent purchases life insurance on CHILD?

[dakota843sc]

Hello, I live in PA. My (estranged) father purchased life insurance on my children. I need to know if this is legal without my written consent. My children are living with my husband and I and there aren't any guardian issues. My opinion, it's morbid. My husband and I have policies (on us) to insure the financial stability for the children. I would like to know if I can cancel the policies on my children. My father didn't buy the policy in regards to "helping" me or my kids. I don't believe they can be transferred for college funding, etc.. He's all about money and he's listed as the beneficiary. Just me, but wouldn't you think if something that tragic were to happen me or my husband should be the beneficiary for expenses incurred? Any help on how to cancel these policies would be greatly appreciated. Thank you in advance.What is the name of your state?

 

[Shay-Pari'e]

Hello, I live in PA. My (estranged) father purchased life insurance on my children. I need to know if this is legal without my written consent. My children are living with my husband and I and there aren't any guardian issues. My opinion, it's morbid. My husband and I have policies (on us) to insure the financial stability for the children. I would like to know if I can cancel the policies on my children. My father didn't buy the policy in regards to "helping" me or my kids. I don't believe they can be transferred for college funding, etc.. He's all about money and he's listed as the beneficiary. Just me, but wouldn't you think if something that tragic were to happen me or my husband should be the beneficiary for expenses incurred? Any help on how to cancel these policies would be greatly appreciated. Thank you in advance.What is the name of your state?

Well, find me Morbid. We hold life insurance policies on our two children. Their policies grow and accumulate.

God forbid something happened tomorrow, we are covered. When my kids are in their fifties, they are sitting on about a hundred grand if they want to cancel that policy.

I don't find it morbid at all.

 

[dakota843sc]

Only Serious Posts Please!

IF YOU DON"T INTEND HELP IN ANY WAY, PLEASE DO NOT REPLY! As I stated, MY OPINION! You are missing the point! He has no intention, nor should he, of securing my childrens future.

 

[Ohiogal]

IF YOU DON"T INTEND HELP IN ANY WAY, PLEASE DO NOT REPLY! As I stated, MY OPINION! You are missing the point! He has no intention, nor should he, of securing my childrens future.

Shay answered you seriously. Just because you don't like the answer you don't have to act like a child. It is not morbid. You may find it so but you cannot force your father to make you the beneficiary. What you can do is purchase life insurance on your children yourself. Many companies allow grandparents to purchase life insurance on their children.

 

[Dandy Don]

It's normal for you to be concerned about this, but don't be overly worried. It's a free country and anyone has the right to purchase an insurance policy on someone else. It doesn't mean that he is going to kill them to collect.

You don't know who the beneficiary of the policies is. Have you even discussed this with him to find out what his intentions are? How did you even find out about the policies?

This is something you need to discuss with the insurance company if you know which company it is.

DANDY DON IN OKLAHOMA ([email protected])

 

[justalayman]

It's a free country and anyone has the right to purchase an insurance policy on someone else.
QUOTE]

Not true Don.

 

[Betty]

Justalayman is correct - re it's not true that anyone has the right to purchase an ins. pol. on someone else. There needs to be an insurable interest between the beneficiary & the insured. Also, I worked for an ins. co. & we would not accept an application from a grandparent on a grandchild unless one of the parents also signed the application. Did, maybe, your husband sign this application?
Anyway, if the ins. co. approved the applications & issued the policies,
apparently they felt there was nothing "morbid" or "illegal" in this transaction.

 

[seniorjudge]

Hello, I live in PA. My (estranged) father purchased life insurance on my children. I need to know if this is legal without my written consent. My children are living with my husband and I and there aren't any guardian issues. My opinion, it's morbid. My husband and I have policies (on us) to insure the financial stability for the children. I would like to know if I can cancel the policies on my children. My father didn't buy the policy in regards to "helping" me or my kids. I don't believe they can be transferred for college funding, etc.. He's all about money and he's listed as the beneficiary. Just me, but wouldn't you think if something that tragic were to happen me or my husband should be the beneficiary for expenses incurred? Any help on how to cancel these policies would be greatly appreciated. Thank you in advance.What is the name of your state?

Tell us how he purchased these policies without the permission of you or your husband.

 

[dakota843sc]

Thank You

Thanks so much for the replies. My father and I were on talking terms until a couple years ago. My oldest child will be 7 in July and I did sign a policy application for him when she was born. I only agreed to that because it was an interest bearing policy that she could cash out later in life for college or whatever. Anyway, he cashed out the policy and used the money. As he's done with his younger kids policies also. I honestly don't care about that because he was the one paying into it. I only gave consent for that one. Which leads me to believe he needed my signature for all the policies. I found out about the other policies from my sister. She recently had her first child and he told her he was purchasing one for her baby. They were all purchased through American General Life Insurance. I haven't went to the office yet because I wanted to gather some insight on the legality. Someone had mentioned above that I can't force him to make me the beneficiary. I want the policies cancelled! I just want whatever ties left cut. He currently has 12 policies on different people. Insurable interest would only apply to 7. The other 5 would be my kids and his ex wife. I do need to mention that he's only worked about 5 years since my birth and I'm 32.

 

[Litigation!]

Thanks so much for the replies. My father and I were on talking terms until a couple years ago. My oldest child will be 7 in July and I did sign a policy application for him when she was born. I only agreed to that because it was an interest bearing policy that she could cash out later in life for college or whatever. Anyway, he cashed out the policy and used the money. As he's done with his younger kids policies also. I honestly don't care about that because he was the one paying into it. I only gave consent for that one. Which leads me to believe he needed my signature for all the policies. I found out about the other policies from my sister. She recently had her first child and he told her he was purchasing one for her baby. They were all purchased through American General Life Insurance. I haven't went to the office yet because I wanted to gather some insight on the legality. Someone had mentioned above that I can't force him to make me the beneficiary. I want the policies cancelled! I just want whatever ties left cut. He currently has 12 policies on different people. Insurable interest would only apply to 7. The other 5 would be my kids and his ex wife. I do need to mention that he's only worked about 5 years since my birth and I'm 32.

My response:

Tough crap. It's not going to happen. Those are his policies, not yours. The company won't even discuss the issue with you.

So, when the kiddies die, looks like Dad is going to get his money.

IAAL

 

[justalayman]

Thanks so much for the replies. My father and I were on talking terms until a couple years ago. My oldest child will be 7 in July and I did sign a policy application for him when she was born. I only agreed to that because it was an interest bearing policy that she could cash out later in life for college or whatever. Anyway, he cashed out the policy and used the money. As he's done with his younger kids policies also. I honestly don't care about that because he was the one paying into it. I only gave consent for that one. Which leads me to believe he needed my signature for all the policies. I found out about the other policies from my sister. She recently had her first child and he told her he was purchasing one for her baby. They were all purchased through American General Life Insurance. I haven't went to the office yet because I wanted to gather some insight on the legality. Someone had mentioned above that I can't force him to make me the beneficiary. I want the policies cancelled! I just want whatever ties left cut. He currently has 12 policies on different people. Insurable interest would only apply to 7. The other 5 would be my kids and his ex wife. I do need to mention that he's only worked about 5 years since my birth and I'm 32.

If the insurance providers issued the policies, there really isn't anything you can do about it unless the were issued under fraudulent applications. But truly, what difference does it make to you?

Other than that, why do you even care. You claim you want nothing to do with this man and as long as you keep making an issue of this, you are continuing the relationship.

If he bothers you this much, simply let it go and be done with it.

I was taught years ago not to hate anybody. To hate a person you need to concern yourself with them in some way. If I truly do not want anything to do with them, I need to simply not concern myself with them in any way.

As long as you allow your father to bother you, you are causing your own harm. You seem to be obsessed with your father. You need to let it go.

 

[dakota843sc]

Wow...

My response:

Tough crap. It's not going to happen. Those are his policies, not yours. The company won't even discuss the issue with you.

So, when the kiddies die, looks like Dad is going to get his money.

IAAL

And how do you know this...from your other posts you don't know much about anything than posting negative gargon. I didn't come to this site to be attacked by a few select morons with nothing better to do in their life. I thought it was actually going to be useful. I guess I'll talk to a real attorney and go from there. By the way, asking if something is legal does not not mean I'm obessed you idiot. Thanks to Betty, for actually answering with seriousness.

 

[dakota843sc]

Closed

This thread is closed.