[USER]

I have a life insurance question. My grandfather worked in life insurance, and he bought policies on all of his grandchildren when we were all pretty little with our parents named as beneficiaries.

Is there any way I can change the beneficiary to my husband or a trust for my son now that I am an adult?

My grandfather’s intention was that if something horrible happened, he didn’t want any of his children to have to worry about a financial burden while dealing with a massive emotional burden, but, at this point, it wouldn’t be my parent’s financial responsibility.

Additionally, my brother did pass away a few years ago, and despite his having five children, my mom used that money on extravagances for herself like new furniture and ebikes.

Very little was spent on services as he was cremated during COVID, so there was no funeral, casket, etc.

It was really upsetting to watch happen, and it angers me to think that could happen again if something happened to me.

[Brian]

If your mom owns the policy it’s hers. Get your own policy if you’re worried.

[Lori]

Who is the owner? Who is still making payments on this policy, if anyone?

My MIL started a policy on my husband when he was a kid.

When she passed, we took over the payments and changed the beneficiary to me, then the kids.

[Angie]

Usually it depends on who owns the policy but call your company and ask if you can make changes.

[Ben]

The owner can change the beneficiary. If you aren’t the owner, you can ask the current owner to make you the owner.

[Mary]

Even if it wasn’t covid, it’s likely the payout and cash value are more than that.

You just don’t want her to have the money?

You need the money?

Find out if you can take a loan off of it.

[Cassie]

My husband is a life insurance agent and says that whoever is the owner of the policy, controls who the beneficiary is.

Sounds like maybe your mom is the owner and the beneficiary.

If that’s the case, you would need your mom to sign the policy over to you and/or change the beneficiary for you.

[Tweetie]

First realize the beneficiary can do pretty much what they want with the money.

Next, whomever own the policy (it could be the beneficiary), would have to release it to the person whom the policy is on.

So, it’s your mom’s choice to allow you to take over the policy & you change the beneficiary

[Author]

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