Life insurance - I want to take over the payments...?

Question

My Dad took out a life insurance policy on my mom and they got divorced. I am 31 and his new wife (he has since passed away, she is now his widow) is still paying the insurance premiums on the policy. She is super awesome for doing this, but I want to take over the payments so that I can know what is up with it (anyway she is on social security and not working, so it is the right thing to do for me to take over the payments.) So how would I go about doing this? I know I can just ask her for the papers and such, but I am just curious as to the process - is it hard, or can I just contact the company once I have the papers and they will help me?

Answer 1

Anyone can make the payments.  As long as they get a check the insurance company won't care at this point whose name is on it.  

Now just because you start paying the premiums doesn't mean that you control the policy nor would you collect the death benefit if your mom died.  I'm guessing that your dad is named as the beneficiary and since he is dead the death benefit would go to his estate and probably your step mom would probably collect.  

If she is willing you will need to get her to work with the insurance company to make you the owner of the policy, at which time you can make yourself the beneficiary and begin paying the premiums.  If there is cash value then you may need to buy her out.

Answer 2

Just tell her what you'd like to do.   Call the insurance company and ask for the forms.  You may have to provide a death certificate to transfer the ownership of the policy.  You'll also want to check/change the beneficiary.  Talk to her first though so she doesn't think you're going behind her back.

Answer 3

Well, taking over the payments, means NOTHING.  The policy owner, is the person who picks who gets the money - NOT the person who makes the payments.  

It's highly possible that SHE is now the policy owner.  I can't see why she'd ever want to turn that policy over to you - she'd lose all that cash value sh'es built up over the years.

But, she would have to call the agent or the company, tell them she wants to give the policy to you, then both of you would have to sign forms and return them to the insurance company.

If you are not the executor of your father's estate, the company is NOT going to talk to you - they will only talk to the policy owner, the estate executor, or sometimes the insured.  You are none of those.  Sorry.

Answer 4

Easy....just call the company. They will have your step mom complete a change form since your father was the owner. She will notify them of the new owner, which should be you. There will also need to be a change of beneficiary if they were not notified of a new on upon your father's passing.