Life insurance question?
My brother owes my son some money. Can I take out a natural life insurance policy on my brother and name the beneficiary as my son? Does my broth hold to know about it?
Answers:
Not only does he enjoy to know about it, but you will want to take home sure that you are the OWNER of the policy, in casing your brother later decide that he doesn't want the policy on his life. In which casing he won't be able to reverse it.
Since it may take a long time for your brother to succumb, isn't it faster to help yourself to him to small claims court?
Yes, he has to know around it. You would be applying as the owner, and your brother as the proposed insured. Both parties call for to sign the insurance contract. Insurable interest would be easy because you are blood relatives (and amazingly close at that, him being your brother), but there's no path to get the policy unless you forge his signature, and that, unsurprisingly, is fraud. =)
yes you can take out insurance on ur brother.For more query on life insurance check www.financialqueries.com
Yes, you can take out a vivacity insurance policy on your brother, and name your son beneficiary. Yes, your brother have to know about it - he have to sign permission on the application, he have to give blood/saliva/urine for the pre-application carrying out tests, and he has to sign medical releases so his medical store can be reviewed by the insurance company.
Your brother must consent to enjoy a life insurance policy taken on him plus within must be an insurable interest between you and your brother.
So yes, your brother has to know roughly it since both of you have to sign the duration insurance application.
You will not know how to take out a policy on him in need his consent, as he needs to sign the paperwork, and possibly help yourself to an exam as well. You might want to check within the life slice of http://bestinsuranceanswers.info...