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

by lizking3 » Mon Oct 05, 2009 08:31 pm

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?

Total Comments: 56

Posted: Mon Oct 05, 2009 09:03 pm Post Subject: sorry

i posted this in the wrong forum.

Posted: Sat Oct 10, 2009 03:17 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.

Posted: Sat Oct 10, 2009 05:01 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.

Posted: Thu Oct 15, 2009 08:01 pm Post Subject:

sanvister said:

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.

InsTeacher 8)

Posted: Wed Nov 11, 2009 06:47 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?

Posted: Fri Jan 01, 2010 04:08 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.

Posted: Fri Jan 01, 2010 05:32 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.

Posted: Fri Jan 01, 2010 05:49 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.

Posted: Fri Jan 01, 2010 06:59 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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