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My mother took out a life insurance policy on me when I was…

Hi, my mother took...

Hi, my mother took out a life insurance policy on me when I was a minor. I'm 27 now, and found out she's refusing to sign the policy over to me despite the fact I'm an adult and her agreeing to over a year ago at this point. What can I do about this? I'm not comfortable with her having a policy in my name.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Missouri

Lawyer's Assistant: Has anything been filed or reported?

Not yet, I just finished speaking with the company today, and they told me I wasn't able to do anything because she owns the policy

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, thanks for helping

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Answered in 5 minutes by:
1/17/2018
legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 13,014
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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I am sorry to hear that she won't sign over the policy.

In order to have a life insurance policy on an adult (even an adult child) the policy holder must have an "insurable interest" in the person.

This does not mean love; this means that the policy holder has a financial stake if the person dies; so for example, if the parent paid for student loans, or co-signed on other obligations, the policy would be proper.

However, if there is no such insurable interest the policy would typically be voided. As such one may:

1. contact the insurance company and explain there is no insurable interest

2. file for a declaratory judgment requesting that the court order the policy holder to either transfer the policy to the insured, or to cancel coverage. If ordered to transfer, it is possible that the court may order some type of renumeration for past premiums paid, if it provides any kind of benefit today (ie whole life insurance; reduced premiums etc).

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Customer reply replied 4 months ago
Where/how would I file a declaratory judgement?

It would normally be in the county where the other party resides or where the policy is;

one would file a "motion for declaratory judgment" asserting the facts that give rise to the request and the basis for the request;

it is a custom drafted document so normally one would hire an attorney to prepare and file/serve the request.

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Category: Legal
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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