Ownership

[theinsuranceman]

I wrote a 52FT who had no life insurance because she can't afford it so her brother agreed to pay the premium if I named him as owner. MOO said no and declined. He will not pay it unless he has control and I don't blame him. Is there any company who would issue?

Senior Life would be glad to take this. Call me if needed.

 

[rousemark]

That works many times just not every time. Some companies may restrict who can be owner or if anyone other than the insured (AIG GI) can be owner. Especially on an adult.

All IMohsoHO

Apply for the plan with the insured as owner.. After it is issued, change it to whomever you want..

 

[Allen Trent]

Maybe. I do seem to remember Foresters not allowing us to do that with a funeral home. However, I am a frail old man and may not recall correctly.

One issue with that set up is if the insured needs someone else to buy their life insurance what would stop them from cashing or borrowing it out? Another may come into play in community property states were the spouse has to sign off on some changes.

Good idea though.

interesting. Each state must vary on the laws. It has been my experience in Michigan that an irrevocable beneficiary is treated almost like a collateral assignment. meaning, the irrevocable beneficiary has to sign off on changes, loans/wds & is notified when past due.

Maybe a collateral assignment will work also if the carrier wont let the brother be the owner

 

[TripleH]

I wrote a 52FT who had no life insurance because she can't afford it so her brother agreed to pay the premium if I named him as owner. MOO said no and declined. He will not pay it unless he has control and I don't blame him. Is there any company who would issue?

Prosperity is fine with it

 

[WinoBlues]

@billyb

What face amount?