Is it legal to take out a LIFE INSURANCE policy on a child in the UK?

Question

Was it legal for a mother to take out three life insurance policies on her daughter in 1990?

The three policies had a twenty year term and are due to return a dividend in 2010. Now that i am 19 and don't live with my mother anymore, legally who does this money belong too?

Please Help!

Some useful links would be appreciated too , Thanks!

Answer 1

I would assume the money belongs to your mother. She is the one that has been paying for and she is also probably the beneficiary for the policy. I don't see why it would be illegal. I don't know anything about UK laws, but I know in the U.S. a parent can take out a life insurance policy on kids. We have one on each of our kids. I will more than likely belong to your mother. That policy was for if something happened to you then she would get the money to cover the cost of everything.

Answer 2

The money goes to the owner of the policy.  You are the insured.  Since your mother bought it, she probably made herself the owner.  You aren't due anything.