Life insurance - I want to filch over the payments...?
My Dad took out a life insurance policy on my mom and they got divorced. I am 31 and his foreign wife (he has since passed away, she is now his widow) is still paying the insurance premiums on the policy. She is super awesome for doing this, but I want to pocket over the payments so that I can know what is up with it (anyway she is on social security and worn-out, so it is the right thing to do for me to take over the payments.) So how would I budge about doing this? I know I can just ask her for the papers and such, but I am merely curious as to the process - is it hard, or can I just contact the company once I enjoy the papers and they will help me?
Answers:
Easy....just call the company. They will enjoy your step mom complete a change form since your father was the owner. She will notify them of the exotic owner, which should be you. There will also need to be a change of beneficiary if they be not notified of a new on upon your father's ratification.
Just tell her what you'd like to do. Call the insurance company and ask for the forms. You may enjoy to provide a death certificate to verbs the ownership of the policy. You'll also want to check/change the beneficiary. Talk to her first though so she doesn't think you're going behind her pay for.
Anyone can make the payments. As long as they achieve a check the insurance company won't care at this point whose name is on it.
Now of late because you start paying the premiums doesn't mean that you control the policy nor would you collect the death benefit if your mom died. I'm guessing that your dad is name as the beneficiary and since he is dead the death benefit would dance to his estate and probably your step mom would probably collect.
If she is willing you will need to draw from her to work with the insurance company to make you the owner of the policy, at which time you can engender yourself the beneficiary and begin paying the premiums. If there is currency value then you may want to buy her out. Source(s): My blog: http://gardenstatelifeinsurance.blogspot…
Well, taking over the payments, means NOTHING. The policy owner, is the person who picks who get the money - NOT the person who makes the payments.
It's significantly possible that SHE is now the policy owner. I can't see why she'd ever want to turn that policy over to you - she'd lose all that brass value sh'es built up over the years.
But, she would have to telephone the agent or the company, tell them she wants to bequeath the policy to you, then both of you would have to sign forms and return them to the insurance company.
If you are not the executor of your father's estate, the company is NOT going to have a word to you - they will only talk to the policy owner, the estate executor, or sometimes the insured. You are none of those. Sorry. Source(s): agent, 21+ years
Related Questions:
Answers:
Easy....just call the company. They will enjoy your step mom complete a change form since your father was the owner. She will notify them of the exotic owner, which should be you. There will also need to be a change of beneficiary if they be not notified of a new on upon your father's ratification.
Just tell her what you'd like to do. Call the insurance company and ask for the forms. You may enjoy to provide a death certificate to verbs the ownership of the policy. You'll also want to check/change the beneficiary. Talk to her first though so she doesn't think you're going behind her pay for.
Anyone can make the payments. As long as they achieve a check the insurance company won't care at this point whose name is on it.
Now of late because you start paying the premiums doesn't mean that you control the policy nor would you collect the death benefit if your mom died. I'm guessing that your dad is name as the beneficiary and since he is dead the death benefit would dance to his estate and probably your step mom would probably collect.
If she is willing you will need to draw from her to work with the insurance company to make you the owner of the policy, at which time you can engender yourself the beneficiary and begin paying the premiums. If there is currency value then you may want to buy her out. Source(s): My blog: http://gardenstatelifeinsurance.blogspot…
Well, taking over the payments, means NOTHING. The policy owner, is the person who picks who get the money - NOT the person who makes the payments.
It's significantly possible that SHE is now the policy owner. I can't see why she'd ever want to turn that policy over to you - she'd lose all that brass value sh'es built up over the years.
But, she would have to telephone the agent or the company, tell them she wants to bequeath the policy to you, then both of you would have to sign forms and return them to the insurance company.
If you are not the executor of your father's estate, the company is NOT going to have a word to you - they will only talk to the policy owner, the estate executor, or sometimes the insured. You are none of those. Sorry. Source(s): agent, 21+ years
Related Questions:
- Should i quash my great west existence insurance coverage?
- Should condition insurance underwrite a drug which prolongs the enthusiasm of cancer patients for six months at a cost?
- Should I win time insurance to cover a debt owed to me contained by the event that the borrower dies?
- Should I lift this Insurance Internship (a) Northwestern Mutual?
- I hold be paying on my wife's duration insurance for 6 months and in a minute that she bygone they won't settle for her fun?