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WiseOwl58, Attorney
Category: Business Law
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Experience:  Experienced business lawyer.
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Me and my business partner are done, he is sending me a letter

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Me and my business partner are done, he is sending me a letter trying to tell me that today is my last day. We are a 60/40 split, I have the minority ownership. He's been asking to buy me out. One quick question that I have and I'm not sure if this the right category, but he has a life insurance policy on me with a $1.3 million value with him as the beneficiary.

He's told me before that he's canceled it, but never did. Is he allowed to keep this policy after we end our business relationship?

I live in San Diego California

In order to have a life insurance policy on someone, you must have an insurable interest.


If your partner buys you out, then he no longer has an insurable interest. Therefore, he has no right to continue the policy on you.


You should demand that he assign the policy over to you, if you want to take over the policy. If you do not want to keep the policy, you can tell the insurance company to cancel it.


Good luck to you. I wish you all the best.

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