Is my valid Father allowed to still hold a life span insurance policy contained by my given name presently that I am over 21?
My parents are divorced and I have no relationship next to my father. He took out Life Insurance Policies in my entitle and my brothers back within the early 90's. We are both presently over 21 and have not long discovered these policies.
Now it states in the policies that they "expire" when any we turn 21, or he turns 65 which ever comes first. They are in his first name only because we be babies when he took them out. My question is, does he properly have to sign them over to us because we are of age? I reason it is illegal for him to hold something in my mark without my authorization, is that correct? He refuses to sign them over to us so we can verbs them. And is he allowed to cancel them, or repeal the money now because they shouldn’t they be "expired"? I talk to the office that they be placed through, but because he is still the "Policy Holder" they cannot tell me anything ... relieve me please!!!
Answers:
These policies be bought by your father. That means he is the owner of these policies. He have the right to cash them out or maintain paying the payments. You were a minor when he purchased these so you have no legal rights to the policy. Unfortunately you still hold not rights to the policy. If the policy is cashed in he will bring back the cash significance or face importance.
I wish you luck.
Maybe wrong but I devise because he is the policy holder and paid the premiums his is entitled to them as long as he doesn't failure to pay on them. It would be nice of him to extend them to you as you could adjust your insurance needs appropriately but based on the age when the policy be started. I have small policies on my children, but I remunerated the premiums and am the beneficiary, eventually when my kids are old satisfactory I will turn them over to them, but in the meantime, those policies are owned by me, not them or their dad etc.
You already answered your own give somebody the third degree. You said the policy states that it expires when you turn 21. You are over 21 now. So it have expired. Sounds like it be a term rider or simply a child policy. If the policy say it expires at 21, then to be precise what happens. No obligation for you to be so upset.
The office is correct, as he is the owner, he is the with the sole purpose one entitled to any info & benefits of the policy. As the owner he can do what ever he wants beside the policy, keep it (until it expires), lolly in (which as a permanent status policy, it has no cash), assign any other being as beneficiary. It is NOT illegal for a father to receive insurance on his minor children without consent from them. He could not, however, get one on you immediately without okay. Niether can anyone else.
Sorry this is not the info you wanted to hear, but, it is the truth. Since it have already expired, I dont think you should enjoy any concern over it.
yes and even when you are 101
He can have a existence insurance policy on you until the day he dies if he desires to . Usually if if say they expire it medium he probably took out a term time policy which means that it individual last so may years for a set rate but after x amount of years are up he can any let it lapse or renew it which tight he can continue the policy but his rates would be more since the insured are elder. With a life insurance policy they lone pay the beneficiary if the insured personality dies. And if he were to turn the policy's over to you, you would own to pay the premium every month.
He had a allowed basis and an insurable interest at the time he purchased the policy. He salaried the premiums, and it belongs to him; period.