rights of life insurance policy owner

[catbeckster]

Question from Texas... My motherinlaw bought a whole life policy on my husband when he was 12. She owns it and is the beneficiary. We recently purchased term life on him which was high due to medical reasons. We had made a request of her to give us that policy since the premiums were lower and she said no. The agent refuses to discuss anything with my husband because he is not the owner. He never signed anything as an adult permitting her to insure him. Frankly we don't want her to have the policy on him anymore. She married 5 years ago. Do we have any rights? Will her new found husband become the owner of this policy if she were to die? Do we have any say in the beneficiary? We have a child that is five. Any advice would be appreciated

 

[ALawyer]

Your mother-in-law had an insurable interest in her son at the time the policy was issued, and she is the owner. It is hers to do with what she chooses.

The fact that the policy is on your husband is not the issue. And the fact that you and he don't want her to have it is irrelevant. Sorry.