Posted: 8/10/2008 8:04:43 AM EDT
|
Ok.. The joys of life... My parents purchased a whole life policy for me when I was a young child. My dad is the owner of the policy. My mom is a stated benneficary since they were married at the time, she is not a "co-owner" Parents got divorced around age 16. Ten or so years ago. Since I turned 18, my dad has been trying to transfer the policy into my name. My mother won't "sign off on it" I am now 26 years old, and the saga continues. It is my life insurance policy my dad took out for me. He is sick of dealing with it, as am I. Do I have any sort of legal action I can take to get it into my name? I have a daughter that I would like to set up a trust fund for in case something were to happen. The policy is only worth about 2 grand, so I'm not sure what the big deal is, I'd just like to be done with it... |
|
Whole life is not an investment, it's insurance. And it's great when you need coverage for your entire life, for instance if you have handicapped children and you know you will always need that protection. Plus, as it builds value, it can wind up eventually paying its own premiums, or reducing them considerably. The divorce decree should have covered what happens to mutual property. First thing I would do is talk with the insurance carrier. They may be able to help you. Second thing I would do is get a new policy on yourself while you are young. Don't reject whole life out of hand. It has its place and can be invaluable down the road. |
There's nothing you can do via the legal system to take ownership of the policy. You haven't said what mom's problem is, so presumably you haven't spoken. That would be the first step. Who's paying the premiums? They should just tell mom that is she doesn't transfer the policy, they will stop paying and the policy will lapse. I wouldn't be surprised if this policy was discussed in the divorce proceedings, which may be part of the problem. That said, I don't see why your mom needs insurance on your life unless you support her. You might also be able to convince the insurance company to cancel the policy, but that doesn't seem to benefit anyone (although it could be another discussion point with mom). Nunya |
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.