Maybe you can also keep the cops informed just to be on the safe side.

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PostPosted: Thu Mar 26, 2009 9:34 am   Post subject: insurance  

JEREMY.........(the way I'm understanding this) at first the OP is saying his wife has a Insurance policy on HIM. Then, as I went through it, I was confused, as well. How can someone take out a Life Insurance policy out on someone else ( if this can be done) without the OTHER person knowing?

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PostPosted: Thu Mar 26, 2009 1:58 pm   Post subject: cancel life insurance policy with ex wife  

I am the insured . Her sister is the beneficiary. She is the policy holder.It doesn't make any sense to me either. Insurance co. would only give limited info.

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PostPosted: Fri Mar 27, 2009 4:47 am   Post subject:   

Hi sweetmissyj



Seems like a difficult situation. Did your wife purchase the policy while you were married? However, if your wife has purchased a life insurance on you and is the owner of the policy, you have little or rather nothing to do to get the policy canceled. Maybe you can try and convince your ex-wife. Let other close family members know that she has a life insurance on you without your consent and is unwilling to get it canceled. Maybe you can also keep the cops informed (just to be on the safe side).



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PostPosted: Fri Mar 27, 2009 9:55 am   Post subject: insurance  

If you DO get a Life Insurance policy on someone I thought that 'someone' would have to sign paperowrk, as well. How can you do that without the other person's permission?

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PostPosted: Fri Mar 27, 2009 2:27 pm   Post subject: cancel life insurance policy with ex wife  

Ok so my girlfriend sugjested that I call back and see when the ex was changed to owner. I called and they said 07 . I did not authorize this. Insurance co. said I made a call to make changes and sent out documents for me to sign. I have requested the tapes from the phone calls and what I supposedly signed . Good idea?

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PostPosted: Sat Mar 28, 2009 5:18 am   Post subject:   

Who has been paying the premium on this policy? Shall we assume that you were the initial holder of the policy and later it changed to your wife without your approval? Honestly, the whole thing sounds very confusing.



Sweet, I think you have taken the right step by asking the insurance company to send you the recorded conversation and the signed documents.



Thanks,

Rupert

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PostPosted: Sun Apr 05, 2009 8:07 pm   Post subject:   

"If SHE is the policy holder and YOU are the "Primary Insured", that means if something happens to her, YOU will get her Insurance policy..NOT the other way around. ForExample: If I had a Life Insurance policy and I had a "Primary" name on the policy, that means if something happened to me, the "Primary" person would get the money."



You are definitely confused. Let me try to make this easy. There are three parties to a life insurance contract:



1) Owner (synonymous with policy holder): Makes all policy decisions

2) Insured: The person who's life is being insured.

3) Beneficiary: The person who gets the proceeds.



In this case:

1) Owner: Ex wife

2) Insured: The question poster

3) Beneficiary: Ex wife's sister



If his ex-wife dies, nothing gets paid out on this policy at that time.

If his ex-wife sister dies, nothing gets paid out on this policy at this time.

If the question poster dies, his ex-wife's sister gets $400,000.
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PostPosted: Mon Apr 06, 2009 1:53 am   Post subject: insurance  

Quote:
1) Owner (synonymous with policy holder): Makes all policy decisions
I am the owner of my Life Insurance policy.
Quote:
2) Insured: The person who's life is being insured
I'm not insuring anyone.
Quote:
3) Beneficiary: The person who gets the proceeds.



My best friend (Primary) and my son (Secondary). How am I confused?
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PostPosted: Mon Apr 06, 2009 2:04 am   Post subject:   

Quote:
Quote:

1) Owner (synonymous with policy holder): Makes all policy decisions

I am the owner of my Life Insurance policy.Quote:

2) Insured: The person who's life is being insured

I'm not insuring anyone.Quote:

3) Beneficiary: The person who gets the proceeds.





My best friend (Primary) and my son (Secondary). How am I confused?




In your case, you are both the owner and the insured. If you die, your best friend gets everything.
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PostPosted: Mon Apr 06, 2009 2:06 am   Post subject: insurance  

Ok..makes sense, now. Actually...my best friend gets 50% and my son gets 50%.

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PostPosted: Mon Apr 06, 2009 2:10 am   Post subject:   

If your best friend is primary and your son is secondary, at your death, your best friend gets everything and your son gets nothing. The only way that your son gets anything is if your friend dies before you.

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PostPosted: Mon Apr 06, 2009 6:15 am   Post subject:   

Quote:
The only way that your son gets anything is if your friend dies before you.




Or if you want to change the beneficiary and put your son as primary. Not as easy as it sounds though. Needs paper works and quite a few phone calls or visits to the insurance company. All the best Smile


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PostPosted: Mon Apr 06, 2009 9:51 am   Post subject:   

Quote:
Or if you want to change the beneficiary and put your son as primary. Not as easy as it sounds though. Needs paper works and quite a few phone calls or visits to the insurance company. All the best




It's easier than it sounds. It doesn't take phone calls or visits. It takes the filling out of one piece of paper that takes about 60 seconds.
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PostPosted: Mon Apr 06, 2009 10:01 am   Post subject:   

this is really a big topic all together.let us find out the truth about it.



sweetmissyj can u tell us who is the owner of the policy? who is beneficiary and who has paid for the premiums.? Wink



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PostPosted: Mon Apr 06, 2009 2:11 pm   Post subject: cancel life insurance policy with ex wife  

Ex wife is owner and guess ahe has been paying premiums.After divorce she made her sister beneficiary.She made herself owner in '07 so I requested copies of everything with "my" signature.To prove that I did authorize this change.

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