Is my real Father allowed to still hold a life insurance policy in my name now that I am over 21?

Question

My parents are divorced and I have no relationship with my father. He took out Life Insurance Policies in my name and my brothers back in the early 90's. We are both now over 21 and have recently discovered these policies.
Now it states in the policies that they "expire" when either we turn 21, or he turns 65 which ever comes first. They are in his name only because we were babies when he took them out. My question is, does he legally have to sign them over to us because we are of age? I think it is illegal for him to have something in my name without my permission, is that correct? He refuses to sign them over to us so we can continue them. And is he allowed to cancel them, or withdraw the money now because they shouldn’t they be "expired"? I talked to the office that they were placed through, but because he is still the "Policy Holder" they cannot tell me anything ... help me please!!!

Answer 1

He can have a life insurance policy on you until the day he dies if he wants to . Usually if if say they expire it means he probably took out a term life policy which means that it only last so may years for a set rate but after x amount of years are up he can either let it lapse or renew it which mean he can continue the policy but his rates would be more since the insured are older. With a life insurance policy they only pay the beneficiary if the insured person dies. And if he were to turn the policy's over to you, you would have to pay the premium every month.

Answer 2

You already answered your own question. You said the policy states that it expires when you turn 21. You are over 21 now. So it has expired. Sounds like it was a term rider or simply a child policy. If the policy says it expires at 21, then that is what happens. No need for you to be so upset.

The office is correct, as he is the owner, he is the only one entitled to any info & benefits of the policy. As the owner he can do what ever he wants with the policy, keep it (until it expires), cash in (which as a term policy, it has no cash), assign any other person as beneficiary. It is NOT illegal for a father to get insurance on his minor children without permission from them. He could not, however, get one on you now without permission. Niether can anyone else.

Sorry this is not the info you wanted to hear, but, it is the truth. Since it has already expired, I dont think you should have any concern over it.

Answer 3

These policies were bought by your father. That means he is the owner of these policies. He has the right to cash them out or keep paying the payments. You were a minor when he purchased these so you had no legal rights to the policy. Unfortunately you still have not rights to the policy. If the policy is cashed in he will get the cash value or face value.

I wish you luck.

Answer 4

Maybe wrong but I think because he is the policy holder and paid the premiums his is entitled to them as long as he doesn't default on them. It would be nice of him to extend them to you as you could adjust your insurance needs accordingly but based on the age when the policy was started. I have small policies on my children, but I paid the premiums and am the beneficiary, eventually when my kids are old enough I will turn them over to them, but in the meantime, those policies are owned by me, not them or their dad etc.

Answer 5

He had a legal basis and an insurable interest at the time he purchased the policy. He paid the premiums, and it belongs to him; period.

Answer 6

yes and even when you are 101