Find solution
Should I cash out a Variable Adjustable life insurance policy?

Sister has life insurance policy my parents paid for on me , can she keep it from me or can I cash it in?

  • I ask her for my policy and she said that I can't get it and when I die she'll leave it to my children and I don't trust her and I would like to get my policy and cash it in and also how do I go about getting records on my dad's insurance policy when he died amount and all and can I cash in my insurance without her knowing it or does she have to be there. She is very controlling when it comes to money and I know in my heart that she got quiet alot on my dad's life insurance policy and I need to know where or what courthouse to go to to get copies for proof that she took from me, my other sister and brother. Thanks My email address is [email protected] Also if I contacted her lawyer to see where the money and how much was it would the lawyer have to send me a copy my sister told her at the time it wasn't necessary and now I can see why? So please direct me in the direction I need to go.

  • Answer:

    In life insurance policies, beneficiaries are usually listed in them to see who gets them. Life insurance companies usually distribute it evenly between beneficiaries. So you may still have your fair portion of the death benefit sitting with the insurance company. If you are the owner of the life policy, you have the right to view it and see how much cash value is sitting in there. Your sister should not have it since it does not belong to her. You may obtain a court order to take it from her OR you can call the insurance company to find out how much cash value you have in there. There are two things you can do to access your cash value: 1) You can borrow it and pay it back later with interests 2) You can surrender your policy and take all the cash value (surrender charges may apply). Please note: If no one has been paying for your life insurance, it may have already lapse and you are probably not covered anymore. (life insurance are never paid up. Something must keep it enforce, so the insurance company will usually access your cash value to pay it until it hits zero). To obtain a copy of your dad's life policy, he should have it somewhere in the home. If you can't find it, then you should call the life insurance company and ask your questions. In any case, it is best that you get a lawyer since this is a family issue.

Beverly L at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

SHE CAN GET A PERCENTAGE OF THE PREMIUM CASH PAID IN TO DATE. CALL A FEW INSURANCE COMPANIES YOURSELF TO GET DETAILS BEFORE ASKING SISTER TO DO THIS.

heehawfromall

Did your parents leave a will stating how old you had to be to take control of the policy. I don't know the legalities of these things, however if you are a legal adult it would be reasonable to think you may have some course of action. I would get yourself a lawyer. They will advise you of your rights and be able to liaise with her solicitors or appropriate authorities. Have you tried to get what information might be available to you under the Freedom Of Information Act or whatever it is called in your country. I don't think her solicitor would be obliged to give you any information or documentation as she could claim breach of confidentiality. Though I could be very wrong about that. Yeah, I would definitely contact a Lawyer perhaps in the field of wills and probates etc. One who specialises in the area.

andygurl

It depends who is defined as the owner on the policy. If your mother is listed as the owner, she has the right to keep control of it, although you are the insured party.

skibunni21

You can manage the policy if you are the owner of the policy - the payer of the premiums. You can receive money from any policy in case you are written as a beneficiary there.

anna_ruseva

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.