Whole Life Policy - Owner vs. Insured

[LaLaLand04]

What is the name of your state? Tx

My mother took a Whole Life Policy out on me when I was born. She maintains ownership of the policy with me as the insured. However, due to recent events, I feel unsafe with her holding a policy out with my life. Is there anyway to remove me as the insured or to have the policy handed to me?

 

[LaLaLand04]

The name of the state is Texas

 

[Dandy Don]

There is nothing you can do (except be more cautious and perhaps hire a bodyguard)--it is legal for her to have a policy insuring someone else.

 

[FirstChance]

That is not the case Don

what you can do is contact your insurance company and explain to them that your mother bought a policy on you when you were a minor and you now want to transfer ownership to yourself. they should have a form that you and/or she will need to sign and ownership will be transfered to you.

the other option is to outlive your mother. when she dies ownership automatically transfers to you, the insured.

of course being the primary insured you have full rights to the policy, meaning you can change benificary, cash the policy out, or take loans on the cash value.

 

[cbg]

And why are you resurrecting 6 month old posts?

 

[Bigfoot]

FirstChance, why would the mother want to sign a form giving up ownership rights? She may already have loans against the policy. The owner has incidents of ownership-not the insured. Outliving mama means nothing, as mama can change the beneficiary at will, and unless a second beneficiary is named, have the proceeds go to her estate.