my father has a life insurance on me but he die and i would like to cash it in. what steps should i follow.
Total Comments: 3
Posted: Wed Jan 27, 2010 12:03 am Post Subject:
Call the carrier and ask them. You may not even be able to...if you are able to they will let you know what you need to do.
Posted: Wed Jan 27, 2010 12:40 am Post Subject:
Are you the insured?
Are you now the owner?
Are you the beneficiary?
Posted: Wed Jan 27, 2010 01:57 am Post Subject:
Since you state the policy is on you my guess is that you are the insured. Most likely, he was the owner and beneficiary of the policy. Here's the hook behind cashing it in. When your father originally established this policy he may have had the option to choose a secondary owner in the event of his death or incapacity. If he specified a secondary owner besides you then that person now owns the policy not you. Meaning all the money inside is theirs and premiums become their responsibility. You'll need to establish where ownership is supposed to go upon your dad's death before you can begin any process to end the policy and take the money.
Posted: Wed Jan 27, 2010 12:03 am Post Subject:
Call the carrier and ask them. You may not even be able to...if you are able to they will let you know what you need to do.
Posted: Wed Jan 27, 2010 12:40 am Post Subject:
Are you the insured?
Are you now the owner?
Are you the beneficiary?
Posted: Wed Jan 27, 2010 01:57 am Post Subject:
Since you state the policy is on you my guess is that you are the insured. Most likely, he was the owner and beneficiary of the policy. Here's the hook behind cashing it in. When your father originally established this policy he may have had the option to choose a secondary owner in the event of his death or incapacity. If he specified a secondary owner besides you then that person now owns the policy not you. Meaning all the money inside is theirs and premiums become their responsibility. You'll need to establish where ownership is supposed to go upon your dad's death before you can begin any process to end the policy and take the money.
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