Life Insurance Question- my mom has a policy on me. Is she the only beneficiary?

Question

My mom bought life insurance on me for a $21,000 benefit upon death. My mother and I no longer are on the best of terms. I was only 17 at the time, and now it's been two years since the policy was bought. It is paid up, I receive letters in the mail confirming my recent address changes, and I was wondering if she is the only person who can receive the money when I pass. I am married, and since my mother and I don't get along, she also doesn't like my husband. I know she wouldn't try to have me killed to have the insurance money, but am I able to cancel the life insurance policy? I don't think it is right for her to be able to collect on a child she wants nothing to do with anyways. Also, the policy has a cash value. If it is cancelled, will they mail her a check or something? I'm so young and clueless about this. Please help!

Answer 1

There are 3 parties to a life policy.  The insured (you), the owner(sounds like Mom), and the beneficiary (who gets the money if you die).

If you call the insurance company as the insured they should at least take your call.  If it turns out Mom is the OWNER, then she is the one to set or change beneficiary info and receive the cash if the policy is turned in

Answer 2

Here,You should find  more useful suggetions and tips for your question.Good Luck for you.http://lifeinsurance.online-helpers.info...

Answer 3

If you are the owner you can cancel the plan. Life insurance is one of the plans I sell almost every day and from my experience usually the owner is the one who receives the statements. The annual statements you receiver will indicate this most of the time so take a good look.

If you are the owner you have total control over the plan in every aspect. You can cancel it or change the beneficiary as long as you are over 18. The one exception to this is if your mother is an "IRREVOCABLE" beneficiary in which case any material change you want to make, including changing beneficiary and cancelling , would have t be signed off by her. Now days this is not used too often.

FYI:

If you don't know if it is arranged this way, or you don't know if you are the owner simply call the insurance company and ask them. If you are the owner you can get info if you are not they will not tell you anything.

Either way you will have an immediate answer to your question.

CAUTION: cancelling life insurance is an important financial decision. BEst to think long and hard about the pros and cons for cancelling. Do not do it because you want to spend the money. 99% of the time the policy is better in force. Just change the beneficiary.

Answer 4

It depends on who actually owns the policy. She either bought the policy with her as the owner and you as the insured, or she bought it with you as both the owner and the insured. Only the owner can make any changes or cash in the policy. You may be able to contact the insurance company for this information. Laws vary by state.

Answer 5

Check the terms of contract when initially signed.