life insurance policy without knowing???

[DesireeC]

What is the name of your state? NY

I have decided to move out of town but before I leave my mother came over and told me she believes my father (they are divorced) may have a life insurance policy on my siblings and myself. I told her I don't know how he would do that thinking I would have to sign paperwork, have a physical ...something.. but I also know that my father is VERY sneaky and took one out on my mother and changed all there stock paperwork without her before they got divorced. Would it be possible for him to have taken out a policy on us without knowing??? Is there a way to find out if he did in fact do this? If he did is it against the law? He left my mom 11 years ago and left us to struggle and in the event that I did die and he did have a policy ... he would be the last one I would want to benefit from my death. Thanks so much!

 

[moburkes]

It depends upon how old you were at the time he purchased the policy. If you were minors at the time, then there is no problem. If he did it as an adult, then there is a problem, if you didn't sign anypaperwork giving him ownership, and taking out the policy. In either case, if he is paying the premiums, then he hasn't harmed you.

 

[DesireeC]

It depends upon how old you were at the time he purchased the policy. If you were minors at the time, then there is no problem. If he did it as an adult, then there is a problem, if you didn't sign anypaperwork giving him ownership, and taking out the policy. In either case, if he is paying the premiums, then he hasn't harmed you.

We were all over the age of 25. None of us have signed paperwork giving him ownership. I know you say if he is paying the premiums that he hasn't harmed me but I guess I feel that if you weren't there for me my whole life than why if God forbid something happens to me ... you can make out on the deal and at that point in my life... "claim" to be my father? Thank you for your response.

 

[justalayman]

We had a very lengthy thread about this awhile back.

Some of the basics of it were:

anybody can purchase insurance life insurance on anybody they have a financial interest in without the insureds permission. They insured may never even be aware of the policy.

Many insurance companies will write a policy for a family member such as your situation. Again, the insureds persmission is not required to do so.

There are statutes in some states that restrict on whom a policy can be written but it would seem more often than not, it is the inurers choice whether to write a policy or not.
Insurance companies don;t sem to be as concerned with the warm fuzzies as they are about the technical aspects.

Additionally, there would be no need for you to sign anything to give your father "ownership" of a policy. The purchaser of the policy IS the owner. If the insurance company determined that your father had a right to purchase a policy on you, there isn't really anything you can do about it.

Especially if your father purchased the policy while you were a minor, that would be a very legit writing of a policy and he can continue the policy if the underwriter allows it.

 

[Betty]

It depends upon how old you were at the time he purchased the policy. If you were minors at the time, then there is no problem. If he did it as an adult, then there is a problem, if you didn't sign anypaperwork giving him ownership, and taking out the policy. In either case, if he is paying the premiums, then he hasn't harmed you.

I agree with moburkes - "If he did it as an adult, then there is a problem." The co. (a major ins. co.) I did underwriting for would never accept an application on an adult without their signature on the application agreeing to the insurance & attesting to the correctness of the answers to the questions on the application. We would accept the insurable interest as acceptable re OP taking out the pol. & being owner due to the close family relationship but not the application w/o proposed insured's signature. All the cos. we had as reinsurers also required the signature. (all also major ins. cos.) Actually, at our co. anyone 14 1/2 yrs. old or older had to sign their own application when they were being insured no matter who is owner of the pol. & paying the premiums. We would return it for signature if it was not signed by the proposed insured. Under age 14 1/2 (young children) we would, of course, accept the application if it was signed by a parent. However, I cannot say what every ins. co. would do as can no one.