by Queen of all Queens » Thu Aug 09, 2012 03:04 pm
My father was the owner of a $1000 whole life policy for me (I'm the Insured) since 1952 when I was born both are deceased will I be able to collect on this policy?
Posted: Thu Aug 09, 2012 08:44 pm Post Subject:
will I be able to collect on this policy?
Although you have probably been the policyowner (since age 21 or 25), in place of your parent who was the owner originally, and although you could borrow from the insurance company using the cash value as collateral, or even give up the insurance by surrendering the policy for its current cash surrender value, you will NEVER "collect" on the policy.
The only one who will do that is the beneficiary following your death. As the insured, you cannot also be the beneficiary.
Did you know that you were (in all probability) the owner of this policy? Have you named your beneficiary?
Add your comment