Can a father take out life policy on daughter w/o her knowledge when she is 26? Is this legal? or ethical?

Question

I recently discovered my dad took out life insurance on me when I was 26 (1993). I do not know who the beneficiary is, although I'm assuming it is him and his wife (my mom died 20 years ago). I don't know how he could have done this without my knowledge - or WHY he would do so...it is disturbing to me for many reasons. Also, it looks like he is trying to get the cashout value of it (it appears to expire in Oct 2008).

I cannot figure this out...if I didn't sign up for this, how did he get this policy on me? And why would he? He's been paying for it since 1993...should I fight him on the ownership of this if he is trying to get the money cashed out for himself? I'm very confused. I have a feeling my stepmother is behind this and my dad is just confused (he's not great with finances, etc.)

Thank you for your thoughts.

Also - does anyone know how to get info on the application to see if there was a fradulent signature? The only database I know about goes back only 10 yrs.

Answer 1

don't know about the legality of it but if he paid the payments and cashes it out then he should get the money, not you.  If you found out about this then contact the company that issued the policy.  They should be able to answer your questions.

Answer 2

Not unless she's legally incompetant, and he's her guardian.

He would have had to forge your name on it, somewhere.  

You can't fight him on ownership of this, unless you're willing to send him to jail.  You'd have to press charges against him.

Me, personally, I woudln't bother - if you know anything about life insurance, you know that cashing in the policy gets you back about 10% of what you've paid in over the years.  So he's lost 90% of his money.

No, there's no way for you to access the application - unless you go to the DA, press charges of forgery, and then they'd supeona it as evidence in their criminal case.

Answer 3

why do you care? - if he paid the premiums, he's entitled to cash out - you should have your own insurance if you have dependents that would need the money if you died - get over it already - it really doesn't affect you, if you're still living and the policy expires in a few months - it's a totally irrelevant situation

Answer 4

Yes, he can.  

No, you do not have to know about it.

If you die, then he is most likely your next of kin, correct?  That means the cost of the funeral arrangements fall to him.  It's smart to have a life insurance policy on your next of kin.

Answer 5

Why is this upsetting you so much?

Someone has to bury you & be the executor...I think your father is assuming that would be his responsibility & he needs some $ to do that.

Is it the thought that your step-mom will get it?  or that someone signed your name?  

It was obviously a small policy - most times over $10K would need a physical examination - and that cannot be faked! A very small funeral now-a-days cost approx $10K+.

So please relax.

***In addition - if he made the payments on the policy, he is entitled to the payout or cashout value***