Legal Question in Insurance Law in Texas
My mom has a life insurance policy that she signed over to her mother. She is afraid that her mother will die and it will go to my aunt, and she will set herself up as the beneficiary. She and my aunt do not get along. She doesn't live with them, so it seems they have no "insurable interest" in her. I am her only heir, and she would like me to take over the policy. Can my aunt take over this policy without my mother's consent and name herself as the beneficiary?
1 Answer from Attorneys
I do not know what you mean that your mother has "signed over" the policy. There is an owner, and then there may be a separate right to name the beneficiary, I believe the owner has the right to the cash value of the policy. I would call the insurance company with your mother present and ask the insurance company to send your mother a change of beneficiary form. If they do, have your mother to sign and return it.
Another question is who is paying the premium? Talk to the Ins. Co. and then go from there.
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