Insurance for nephew

[Melo5457]

Can an agent be the owner and payor for a grown nephew's life insurance policy...or beneficiary only.
Thanks

 

[WinoBlues]

Can an agent be the owner and payor for a grown nephew's life insurance policy...or beneficiary only.
Thanks

Face amount could be an issue. $5,000 or $5,000,000.00.

Bene - generally no problem if there is an insurable interest. Usually a note in the app or cover letter will do.

Ownership - could be a bigger issue and company specific. Fraternals could be trickier. Again insurable interest and face amount.

I owned policies on my mother and brother. I have written policies on peoples good friends and God children.

 

[Melo5457]

I basically raised him, he is 45, his mother is in a nursing home, no siblings. He has a child that is 18, no wife. My insurable interest is that he owes me money, (lol) that I will probably never get. If he was to die, there is no one that would handle the expenses and it would be left up to me

 

[WinoBlues]

I basically raised him, he is 45, his mother is in a nursing home, no siblings. He has a child that is 18, no wife. My insurable interest is that he owes me money, (lol) that I will probably never get. If he was to die, there is no one that would handle the expenses and it would be left up to me

That all sounds good

How much insurance?

 

[Melo5457]

The amount will be about 25K..so you think I should just call up the Carriers first and talk to them about the situation?

 

[WinoBlues]

$25,000 is a small policy. Should be piece of cake. Fully underwritten I may make a call just to be sure. They may require that the policy be issued with the insured as owner. Initially.

'FE' should not be a problem, other than usually being a poor choice for a healthy 40 year old.

 

[pfg1]

Man if he's healthy, I'd go full u/w and put alot more on him. Something like $250k 20yr term. Its super cheap.