by Guest » Tue Jul 12, 2011 02:20 pm
A parent took out a life insurance policy on his terminally ill son when the son was a young child. The child survived well into adulthood. Unbeknownst to the child for decades, the child's parent (who since remarried), still paid on the policy decades later and it is still valid. It is unknown who is the beneficiary of the policy.
The now adult child finds the policy on his life objectionable and wants it voided.
Is there anyway to do so?
The now adult child finds the policy on his life objectionable and wants it voided.
Is there anyway to do so?
Posted: Tue Jul 12, 2011 03:06 pm Post Subject:
Unless the "adult child" is the owner of the policy, no matter how "objectionable" it may be, it is not for the child to say--or dictate--what happens to the policy or its proceeds. It does not matter who the beneficiary is (although the beneficiary is probably the policyowner).
If the policy was one of those "juvenile" policies written by Gerber or Mutual of Omaha or Globe Accident & Life, then the policy may very well have changed (or will change) ownership to the child automatically at age 21 or 25. Some of those policies are "paid up" after 20 years of paying premiums.
The now adult child . . . wants it voided
Technically, the term is simply "cancelled". There are no grounds on which to "void" the policy, since the parent has insurable interest in the child and the child was living at the time the policy was issued. But, only the policyowner may cancel the policy.
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