Who Owns Policy

[QuestionTexas]

Hey guys, I'm 25 and from Texas.I just recently found out that my estranged "great" aunt has a life insurance policy on me. Not 100% sure on all the details, but apparently she had it for years.

Anyway, I already have a life insurance policy that was taken out at birth through Gerber and I do not like the idea of somebody I detest (its mutual, trust me) hoping to capitalize in the event my demise....

So basically I need to know if there is a way I can take over the policy and cash in on it, since it will not be needed and I already have insurance.

 

[blue_wynd]

She probably brought it on you when you are a cute little baby and plans on gifting it to you later. She didn't think you would grow up and hate her guts. .
Since she is the owner, not much you can do to cash it out.

 

[tins]

Hey guys, I'm 25 and from Texas.I just recently found out that my estranged "great" aunt has a life insurance policy on me. Not 100% sure on all the details, but apparently she had it for years.

Anyway, I already have a life insurance policy that was taken out at birth through Gerber and I do not like the idea of somebody I detest (its mutual, trust me) hoping to capitalize in the event my demise....

So basically I need to know if there is a way I can take over the policy and cash in on it, since it will not be needed and I already have insurance.

No. It belongs to her. You're not allowed to take her possessions.

 

[Newby]

Hey guys, I'm 25 and from Texas.I just recently found out that my estranged "great" aunt has a life insurance policy on me. Not 100% sure on all the details, but apparently she had it for years. Anyway, I already have a life insurance policy that was taken out at birth through Gerber and I do not like the idea of somebody I detest (its mutual, trust me) hoping to capitalize in the event my demise.... So basically I need to know if there is a way I can take over the policy and cash in on it, since it will not be needed and I already have insurance.

It's her policy. You can't do anything about it.

 

[pcbinsurance]

The question I'm wondering is how can you talk this way about your Great Aunt?

What's wrong with young people these days?

 

[QuestionTexas]

You mean to tell me there nothing i can do?? Shes wanting to capitalize on my death (im very health and will likely outlive her, but you never know) without my consent. Why is there no law against this crap?

 

[goillini52]

You mean to tell me there nothing i can do?? Shes wanting to capitalize on my death (im very health and will likely outlive her, but you never know) without my consent. Why is there no law against this crap?

You hate her guts and you want to cash in a policy that she's paid on for 25 years. Hmmmmmmmmmm

 

[QuestionTexas]

you dont understand. i dont want her having it on me. period.

 

[bill3173]

you dont understand. i dont want her having it on me. period.

You could offer to buy it from her. I've dealt with situations like this before, and you can reach an agreement.

Have her get a statement of equity in the policy and offer her that amount. She may have paid more or less, it's impossible for me to know, but she should accept an amount equal to the cash value, particularly considering the age difference. It would be the smart move on her part.

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Why is there no law against this crap?

Your parents had to consent to her taking out the policy on you. You wouldn't want a law against it, sometimes the parents or siblings can't afford to be responsible for burial expenses etc., and they appreciate the help. Not necessarily the case here, but shiot happens and relatives end up paying for shiot all the time.

 

[WinoBlues]

you dont understand. i dont want her having it on me. period.

Bill gave you the best solution. Offer to reimburse her the amount_she_ paid. Or the amount of her cash value. Since it is her property it would be her choice.

You say you have a Gerber policy since childhood. That was very forward looking of you. How did you pay for it?