by Sadie » Fri Apr 10, 2009 07:25 pm
my sister-in-law just cancelled my brother's life insurance policy and I wanted to keep it for his two daughters. Is there anyway I can get the name of the insurance complany and his agent?
Posted: Fri Apr 10, 2009 08:18 pm Post Subject:
If the policy was surrendered getting the name of the company and/or agent wont really do anything unless you want to buy a new policy on your brother. If the sister-in-law just let the policy lapse for non-payment and it really "just" happened you may be able to contact the agent/company about reinstating coverage.
As for how to get the information, why not ask your brother?
If your brother is healthy, there is probably no reason that you could not take out a policy on him with the daughters (or a trust if they are minors) as beneficiaries. As a family member you could probably be the owner, but then, so could your brother and you could still be the payor.
Posted: Sat Apr 11, 2009 03:32 am Post Subject:
If the sister-in-law just let the policy lapse for non-payment and it really "just" happened you may be able to contact the agent/company about reinstating coverage.
if the policy got lapsed for non payment, it can be reinstated but within a certain time frame. However, Sadie you will have to first provide evidence of insurability and pay all the premiums due.
If the policy has not been canceled due to any lapse, it might not allow you any reinstatement. But you can definitely get a new policy and name the two daughters as beneficiaries.
Posted: Sat Apr 11, 2009 10:14 am Post Subject:
Hi,
Is there anyway I can get the name of the insurance complany and his agent?
I don't think it would be of much help to you now!
Still I'd like to have more information from you. Getting us a clue of the background of your concern might just help us add a couple of suggestions for you.
Steven
Add your comment