Can my ex boyfriend take a life insurance policy on me?

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PostPosted: Mon Oct 05, 2009 8:31 pm   Post subject: Can my ex boyfriend take a life insurance policy on me?  

I discovered a life insurance policy my ex-boyfriend had taken out on me 8 months before we split, naming him as the beneficiary but me as the owner. I was not involved in the application process and he has been paying the premium for the past six years. Is this legal?

lizking3
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PostPosted: Mon Oct 05, 2009 9:03 pm   Post subject: sorry  

i posted this in the wrong forum.

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PostPosted: Thu Oct 08, 2009 10:22 am   Post subject:   

No, your boyfriend not take policy on you it's illegal.

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PostPosted: Sat Oct 10, 2009 3:17 am   Post subject:   

Lizking, your question doesn't pass the smell test. You can't be the owner of a policy without being involved in the application.



Sanvister, it's not illegal for a boyfriend to buy a policy on a girlfriend.


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PostPosted: Sat Oct 10, 2009 5:01 am   Post subject:   

I've picked 3 threads from our community forums that address different problems associated with policies involving one's ex-spouse, problems regarding beneficiary assignments as well as the cancellation procedures.



http://www.ampminsure.org/life/former-spouse-policy.html

http://www.ampminsure.org/life/assign-beneficiary.html

http://www.ampminsure.org/life/cancel-policy-exspouse.html



Please go through these threads to have a better understanding of how it works.

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PostPosted: Thu Oct 15, 2009 8:01 pm   Post subject:   

sanvister said:



Quote:
No, your boyfriend not take policy on you it's illegal.




It's not illegal. It does require an insurable interest, but it's certainly not illegal. My concern is that if the OP is the policyowner as stated in her post, then she should be getting the information from the carrier. The owner of a policy is the one responsible for paying the premiums and controls all rights to the policy while the insured is still alive. Designating an irrevocable beneficiary alters this concept, but that isn't the issue here.



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PostPosted: Wed Nov 11, 2009 6:47 am   Post subject:   

Hmn... this doesn't make sense at all. The only questions I have in my head is: why would your ex-boyfriend get an insurance, name himself as the beneficiary and you as the owner, and then pay it off himself? Do you sense a kind of bad motive here, and if so, what could it be? Or do you think your ex-bf was duped and is paying for insurance premium to a company that's not legit?

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PostPosted: Fri Jan 01, 2010 4:08 pm   Post subject: It is illegal  

A boyfriend does not have insurable interest in a girlfriend. If there is no insurable interest, the transaction is illegal. Secondly if you were not a party to the application, your boyfriend must have forged your signature. That in itself is illegal.

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PostPosted: Fri Jan 01, 2010 5:32 pm   Post subject:   

A boyfriend can certainly have an insurable interest in a girlfriend. They may own a house together, have a kid together, etc.


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PostPosted: Fri Jan 01, 2010 5:49 pm   Post subject: Guest 1  

You are throwing in intangables. As a rule a boyfriend does not have insurable interest in a girlfriend. This question did not say anything about owning any property together.

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PostPosted: Fri Jan 01, 2010 6:59 pm   Post subject:   

I didn't say that he does have an insurable interest. I'm simply pointing out that one may. The facts as presented give us no clue as to whether there is or is not insurable interest. Therefore, you should not be saying that there isn't insurable interest. Without it, the policy probably wouldn't have been issued.


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PostPosted: Fri Jan 01, 2010 7:07 pm   Post subject:   

Hey Idiot! She clearly states that she did not participate in the application process. She didn't know the policy was being taken out on her life! Get a clue! No insurable interest! Go away!

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PostPosted: Fri Jan 01, 2010 8:13 pm   Post subject:   

Oops. She is the owner of the policy. One always has insurable interest in their own life. Who is the idiot now? Insurable interest must exist between the owner and the insured at the time of application. It doesn't sound like I should be the one going away.



More than likely with this case, since the application was over 6 years ago, she probably simply forgot about this policy.


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PostPosted: Fri Jan 01, 2010 8:39 pm   Post subject:   

Assuming again! She clearly stated that she didn't participate! She didn't say she forgot about it. She states that she clearly didn't know about the policy. The boyfriend clearly forged her signature. You are such an idiot. Assume assume assume. True she is the owner but the beneficiary and the owner both have to have insurable interest. You can not buy a policy on your life and list a perfect stranger or someone who does not have and interest in your life as beneficiary. After the policy is issued you can change that but at the inception of the policy, there has to be insurable interest. Go lay by your food bowl.

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PostPosted: Fri Jan 01, 2010 9:03 pm   Post subject:   

Is the mean name calling done because you aren't sure how to handle being wrong?



It's possible that this whole thing is fraudulent. It's just that when someone is willing to do this, in most cases, they would be the owner so that they would have control. As it stands now, she could change the beneficiary and he wouldn't know.



I know that she said that she didn't participate. People forget things.



Let's assume that you are gay for a second. (Not meant to be a slam.) If you bought a policy with you as the owner and your live in boyfriend as the beneficiary, would an insurance company approve the policy?



You are saying "no" by what you are posting. However, go ahead and call a few insurance companies on Monday. Some companies may not be willing to write the policy, but most will.



An individual insurance company can CHOOSE to not write a policy if insurable interest doesn't exist between the owner and the beneficiary. However, the concept of insurable interest, from a legal standpoint, is only required to exist between the owner of the policy and the insured. One ALWAYS has an insurable interest on their own life.


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