by Guest » Fri Sep 27, 2013 12:09 pm
Will there be any trouble if I buy life insurance policy for someone without him or her knowing about it? I want to invest on some useful financial tools and how about buying insurance coverage for the aged in my family and others known to me well. I will be the only beneficiary on those policies though.
Posted: Fri Sep 27, 2013 06:08 pm Post Subject:
Will there be any trouble if I buy life insurance policy for someone without him or her knowing about it?
Trouble? Yes, there will be lots of trouble because this is prohibited by law in all states in the US.the aged in my family and others known to me well
While you may have an insurable interest in one or more of the "aged" members of your family, they must participate in the application for insurance. Those you know "well" don't qualify as persons in whom you would have an insurable interest.Posted: Sat Feb 15, 2014 12:45 am Post Subject:
Why don't you approach your family member and ask them if they are ok with it. That is a strategy called Reverse Inheritance. I have used it and you would be surprised how many people are open to it.
Posted: Tue Jun 24, 2014 06:19 am Post Subject:
Yes, According to law this is restricted in all states of US to buy insurance without informing to the person. You can only buy insurance for you or your own property.
Posted: Tue Jun 24, 2014 07:21 pm Post Subject:
You can only buy insurance for you . . .
WRONG. I can buy life insurance on my granddaughters. I can buy life insurance on my wife or my 90-year-old mother with their permission.The original question, however, had to do with the OP wanting to purchase life insurance on the "aged" members of his family without their knowledge . . . apparently for the purpose of enriching himself when they die. That is what is unlawful without a person's permission.
Add your comment