What are the limitations on a life insurance policy?
What are the limitations on a life insurance policy?
I would like to know if I can take a life insurance policy on my daughter's father and list her as the beneficuary. I really would like to ensure she is taken care of in case something will happen to him.
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8 Responses
1.31.2010
Best Answer – Chosen by Voters This is very feasible. A local independent agent should be able to show you a few options. One thing not mentioned yet is that if your daughter is a minor, you probably would not want all that money going to her. You can list yourself as the beneficiary or talk to a lawyer and set up a trust.
1.31.2010
Yes you can – if he will sign the application.You definitely have an insurable interest, and he should have no objection if he is not paying for it.You may ask me more at info@safemoney-plus.com
1.31.2010
There must an insurable interest. In this situation there is an insurable interest and it does sound like a good idea.Did the PSA (property settlement agreement) mention anything about the requirements to carry insurance?The trouble with trying to place insurance after the divorce settlement is going to be with implementing your idea. The owner of the policy can change the beneficiary. I doubt your ex husband would feel comfortable about giving you that much control. I'd suggest a trust. Also, he's got to submit to the paramedical exam for the insurance. He might not cooperate.
1.31.2010
You may insure someone's life without their knowledge, and make anyone you like the beneficiary, but the insurance company may require medical information for which a signed release from the insured will be needed. A young enough insured and a small enough policy will offer the insurance company so little risk that they may not require this information, but as the conditions under which they must pay get larger and the value of the policy gets greater, the higher the premiums and the more they will want to know. For example the life insurance for travelers in flight was sold anonymously because the actual risk to the insurance company was tiny, whereas corporate "key man" policies take into account any dangerous hobbies of the insured as well as their health.If you have a family court judge, because of past or present custody issues, where a divorce was initially handled in court, you may petition the court to compel the father to have life insurance to benefit the child. If the court agrees, any policy the father has may be assigned to her, any employer paid insurance may be assigned to her benefit, or the court may order him to accept a policy you pay for, if that is what you request.
1.31.2010
The limitation you're asking about is insurable interest. In your situation, you will need to demostrate that your child is currently financially dependent on her father (assuming he's not living with the two of you). In other words, if he's not providing for her now, the insurer would not want to be the only potential source of financial benefit for your daughter. The easiest way to do this would be to have her father apply as owner for the coverage on himself and list you or your daughter as the beneficiary. If he's a stand-up guy, he should agree to pay the premiums. In any case, you'll need his consent (signature on the application forms and he will have to submit the medical requirements).
1.31.2010
Yes, you can purchase the insurance and have her as beneficiary as long as he agrees and signs the application. In fact, in some cases, a court may order him to purchase the insurance and keep it up in case something happens to him. If this is a divorce situation, check with your attorney. You may be able to get him to pay the premiums instead of you.
1.31.2010
Yes, no reason why not.He'll have to agree to it, of course, and give blood/urine/saliva samples, and release his medical records for the insurance company to review. You can't do it without his permission and cooperation. Source(s): agent, 21+ years
1.31.2010
I thikn there is no limitations Source(s): http://www.egooglecash.com/all-insurance…