life insurance

[hemp]

What is the name of your state (only U.S. law)?NY . I am the insured and my two sons are the owners of the policy, one of them does not want to pay his half of monthly payment and sayS that I CANNOT REMOVE HIM IF HE DOes nt sign paper. how can I remove him from policy?

 

[anteater]

I am the insured and my two sons are the owners of the policy, one of them does not want to pay his half of monthly payment and sayS that I CANNOT REMOVE HIM IF HE DOes nt sign paper. how can I remove him from policy?

If the sons are the owners and you are only the insured, is there a reason that you care?

 

[justalayman]

If you don't own the policy, you can't remove one of the owners designated beneficiaries from the policy. Only the owners, the insurance company (by cancelling the policy if it isn't paid as required), or a court.

 

[Betty]

If you aren't the owner of the policy, you cannot make any changes on it. Sorry.

 

[scadv]

This is not necessarily the end of the world.

No, you cant remove him from the policy if he is a true owner.

Some policies have a "Primary Owner" & a "Contingent owner"
Others have a "Primary" owner and an option of "Secondary" owner or "Co-owner".
If it is either of these two cases, and if he is not the "primary"; the Primary Owner may remove him from the policy.


If he is a true 50/50 owner of the policy, and both sons have to both physically sign off on any changes, then only he may remove himself.


But the other son may make payments on the other owner/payors behalf.
So can you most likely.


Also, if the policy lapses due to non-payment; you could try contacting the Company and see if they will let you take over as Owner; once a policy is lapsed, some companies give the Insured this option.