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Life insurance

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HRZ

Senior Member
#31
You might protect yourself by shutting up and not talking about this to family or friends ...and not doing anything .

You didn't give state...it was requested ...blackmail / extortion is a felony in many states ...and if your cousin keeps making threats about reporting you for some supposed illegal activity unless you do X or Y she may be talking herself into jail time ...
 


#32
A crime in and of itself (the blackmail).
I suspect it’s possible but I’m not sure a prosecutor would file such charges given the situation.

I think the biggest concern would be the insurance fraud if the op included to cousin because op didn’t have an insurable interest on his own. That is one reason I suspect not everything is true in this thread. Op’s aunt could easily purchase a policy using op’s money yet here we have a nephew of the insured purchasing a policy and committing fraud when purchasing it. Something doesn’t feel right about this situstion to me.
 

LdiJ

Senior Member
#33
I suspect she wants payment for not reporting this as fraud and forgery.
I suspect so as well. However its also possible that the OP meant that she just wants her to get in trouble for doing it, as well. People use the phrase, "pay for it" to also mean get in trouble for it. However if it is cash she wants, I also wonder how much cash it is in relation to the policy payout.
 

LdiJ

Senior Member
#34
I suspect it’s possible but I’m not sure a prosecutor would file such charges given the situation.

I think the biggest concern would be the insurance fraud if the op included to cousin because op didn’t have an insurable interest on his own. That is one reason I suspect not everything is true in this thread. Op’s aunt could easily purchase a policy using op’s money yet here we have a nephew of the insured purchasing a policy and committing fraud when purchasing it. Something doesn’t feel right about this situstion to me.
A niece or nephew, raised by the aunt, would have an insurable interest.
 

LdiJ

Senior Member
#36
Not necessarily but possible but presuming the op was an adult when the policy was purchased, there is even less chance there was an insurable interest.
I do not agree with you. Sorry, but I just do not. I think that you are reading things into the thread on wispy arguments. I do not like using the word wispy but at the moment I cannot think of a better word.
 
#37
I do not agree with you. Sorry, but I just do not. I think that you are reading things into the thread on wispy arguments. I do not like using the word wispy but at the moment I cannot think of a better word.
I’m not reading anything into this. Simply offering possibilities based on what has been presented when there needs to be an explanation that resulted in the scenario as explained. Nobdody is arguing anything. I’ve simply made statements based on what I know and what has been presented and a bit of logic.

A nephew does not have an insurable interest in an aunt simply due to the relationship. That means there has to be some benefit or profit to the owner of the policy to have an insurable interes. Given the woman couldn’t even afford to purchase the policy herself, I have to wonder what financial benefit the op loses when the aunt dies. He doesn’t have the obligation of the aunts burial and such so that’s out the door. She is not well off financially (as op stated that is why he purchased the pollicy) so it doesnt sound like she is op’s benefactor.


So, please provide something beyond your statement of “i Simply disagree with you” that leads you to believe there may have been an insurable interest, of course without reading things into the statements made such as you accuse me of.
 
#38
How much will the policy pay out? You do not need to pay your cousin anything--ask her instead if she would want to be named as beneficiary.

Cancelling the policy is also a good idea, but before you do that, ask the insurance company "If I cancel this policy, will the premiums be refunded?"
If they will refund the money to you, then take the check.

In the future, you may want to consider purchasing burial insurance instead of life insurance.
 
#39
How much will the policy pay out? You do not need to pay your cousin anything--ask her instead if she would want to be named as beneficiary.

Cancelling the policy is also a good idea, but before you do that, ask the insurance company "If I cancel this policy, will the premiums be refunded?"
If they will refund the money to you, then take the check.

In the future, you may want to consider purchasing burial insurance instead of life insurance.
Taking all the money when the policy is owned jointly is not a good idea. While ultimately a court could determine that since the op is the only person to pay the premiums they do in fact have a right to all of the refund but until that point, it is owned 50/50 by each of the named policy owners.
 
#43
If the policy cannot be cashed out w/o agreement then to shut up and do nothing may be ops better option?
The cousin already knows of the policy and the fraud and forgery committed. The cousin wants something. Unless the cousin simply drops their demand, the op shutting up isn’t going to work.
 
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