by captab1249 » Thu Dec 31, 2009 04:07 am
mother died ,she was the owner of a policy that insures my stepfather and I am the beneficiary. Who is the owner of the policy now ?
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Posted: Sat Jan 02, 2010 02:25 am Post Subject:
I apologize and am leaving your board
Posted: Sun Jan 03, 2010 01:44 pm Post Subject:
Then why did you post after this? be gone!
Posted: Sun Jan 03, 2010 04:05 pm Post Subject:
Now i know you are an idiot. Dope smoker from California.
What a horrible thing to say!! Ok...LORI...I.E: If I have an Insurance policy on my son and I pass away (GodForbid), my son becomes the owner of the policy? Am I understanding this correctly?Posted: Sun Jan 03, 2010 05:37 pm Post Subject:
SDChargersfan, it is not automatic that he would become the owner of the policy. If you want him to become the owner, name him the owner in your will.
Posted: Sun Jan 03, 2010 08:25 pm Post Subject: insurance
Ok....I believe I asked LORI this question. Seems to me there is ALOT of confusing about "inaccurate information" in this thread. Maybe some of the PROFESSIONAL Insurance Experts can answer this (of course, LORI included).
Posted: Mon Jan 04, 2010 04:07 am Post Subject:
But, there are a few issues with this. Depending on your son's age, ownership may or may not be granted. It's not as though he'd never be able to get ownership of it if her were too young to take ownership upon his parent's passing. A good public service announcement to highlight the importance of estate planning, it's not just for people who break the 3.5 mill threshold.
Posted: Mon Jan 04, 2010 12:49 pm Post Subject:
Guest 1 is correct SD, but why not just make him the owner now anyway? then you don't need to worry..unless there is some type of age exclusion in his policy. Of course being the 'owner' of a policy is pretty meaningless if there are premiums to be paid that do not get paid. (if you die assuming it's not a 'paid up' policy then he would need to continue with the premiums to keep the policy active)
Forget about dp, he has been banned.
Posted: Mon Jan 04, 2010 01:01 pm Post Subject:
Lori, the problem with having the child own the policy is that he will have control of the policy before he has the maturity to handle it. It's not too hard to imagine a 20 year not being able to see beyond the cash surrender value when it equals a spring break vacation and a new car.
Posted: Mon Jan 04, 2010 01:16 pm Post Subject:
It's not too hard to imagine a 20 year not being able to see beyond the cash surrender value when it equals a spring break vacation and a new car.
I agree with that...Posted: Mon Jan 18, 2010 05:55 pm Post Subject: vicious
I got so caught up in the agent wars, that I lost sight of the question. Why do people have to be so vicious over the opinions in a posting. Make your point and be done with it. Very few of us are attorneys, and although we may know the law, there are subtle nuances to every case. My point: Allow others their opinion without the histrionics!
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