QUESTION
If a life insurance policy was taken out on me as a minor child, can I now demand ownership of that policy?
Asked on Nov 29th, 2012 on Estate Planning - Michigan
More details to this question:
My parents took out a life insurance policy ($10k) on me when I was 10. I am now 35 and a sibling whom I would now prefer not be in control is the owner of the policy. Is there a way to make myself the owner without the current owner's consent?
13 ANSWERS
Trust Attorney serving Cincinnati, OH
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Paul A. Nidich Attorney at Law
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No.
Answered on Apr 14th, 2013 at 8:18 PM
Tax Attorney serving Portland, OR
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Bullivant Houser Bailey PC
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No.
Answered on Apr 11th, 2013 at 11:53 AM
The short answer is "NO". You cannot make someone give you ownership of the car or the insurance policy that they bought and paid for. It does not belong to you.
Answered on Nov 30th, 2012 at 8:14 PM
Alternative Dispute Resolution Attorney serving Baltimore, MD
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Whiteford, Taylor & Preston L.L.P.
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No, ownership of the policy can't be changed without the owner's consent.
Answered on Nov 30th, 2012 at 1:42 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Your parents being the original owner of the policy, had a property right by contract, which could be sold for agreed value. You could offer to purchase the interest from the person who is now the owner. There appears to be no other solution; I would suggest you contact the insurance carrier to determine if they have any regulations that prevent a transfer by your parents, and go forward from there in obtaining the solution.
Answered on Nov 30th, 2012 at 4:34 AM
3 Awards
Generally speaking, if you are not the owner, and are not given ownership interests in the policy, then you would not have a right to change the ownership. It is not your asset.
Answered on Nov 30th, 2012 at 4:33 AM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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You were simply the insured. The first owner could transfer the policy to whomever he wished. So, I don't believe you have any legal right to demand ownership of the policy. You might want to speak to an agent of the company who issued the policy.
Answered on Nov 30th, 2012 at 4:30 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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No. You cannot make yourself the owner without the current owner's consent.
Answered on Nov 30th, 2012 at 4:30 AM
Check with the insurance company regarding change of ownership. Generally the owner must have an "insurable interest" in the person being insured.
Answered on Nov 30th, 2012 at 4:30 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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The only way I know to take ownership of property that belongs to another without the rightful owner's consent is to steal it. In this case, that would involve forgery. I suppose you could do it, but I recommend that you do not do so. Expect nothing from this policy.
Answered on Nov 30th, 2012 at 4:29 AM
No. At some point, for whatever reasons, your parents choose to transfer ownership to your sibling. Why did that happen?
Answered on Nov 30th, 2012 at 4:29 AM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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You do not have any right to claim ownership of the policy. Your parents paid for it, and it was their property. They could do with it as they pleased, and had every right to transfer it to your sibling instead of to you.
Answered on Nov 30th, 2012 at 4:28 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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No, the current owner is a current owner. The policy may ensure your life, but that does not mean that it is owned by you or did you have any claim to the proceeds.
Answered on Nov 29th, 2012 at 5:55 PM