Legal/ Insurance Question

[kittenspeaks]

Is it legal/ possible to get a life insurance policy on someone else and make their children the beneficiaries?

Comments

[wanderingastray.livejournal.com]

my mother has a life insurance policy on me that my brother is the beneficiary of?

[kittenspeaks.livejournal.com]

What if I am not related?
(I have a friend with a real deadbeat baby-daddy and I thought this might be a nice gift.)

[wanderingastray.livejournal.com]

(talked to mom). Apparently anyone can insure anyone else, but not without their knowledge. There's paperwork that the person you want to insure will have to fill out. There's also the issue of the insurable interest -- the person you want to insure would have to be the owner of the policy because the owner of the policy can change the policy at any time, so you'll need to work something out on that since you'll be paying the premiums and therefore have an insurable interest. She says that term life insurance starts at $100,000.00 of coverage and that it's really very cheap, though the prices she quoted on the policy she has on me are probably more than you were looking to pay. She also says that she'd be happy to pull some quotes if you're interested, she'd need the dob of the person, whether or not she is or has ever been a smoker, and any medications she's on.

[kittenspeaks.livejournal.com]

Neat! I'll have to talk to the mom in question and see what she thinks.
But, I do need to get life insurance back under my own ass. Think your mom could/ would set that up for me?

[wanderingastray.livejournal.com]

s'quite possible, yes. Hit me up in email and I'll forward you her work phone number.

[galbinus-caeli.livejournal.com]

Companies pretty regularly insure their employees with the company as the beneficiary. Usually this is for "key" employees whose loss would be a significant financial burden to the company, but Walmart was caught a few years ago getting policies on low level employees just because they could make money when employees died.

[baldsug.livejournal.com]

Unless you think she's likely to pass soon or you're certain that either you or she are willing to keep up the premiums for the next 60 years, you're really just giving money to the insurance company cause the minute those premiums stop, it's gone and all the money given is theirs to keep.

[http://users.livejournal.com/project_mayhem_/]

I know where this is headed. I'll get my grave-diggin' shovel.

[hugs.livejournal.com]

it depends... when were you planning to knock them off... um.. I mean... ;-)