Legal Question in Insurance Law in Florida
My grandmother back in 1984 placed a life insurance policy on me while naming my mother as the beneficiary. I am now 30 yrs old and wanting to claim this policy and cash it. Is my mother legally allowed to withhold this policy from me since she is listed as the beneficiary or do I have the right to claim it now that I am older?
2 Answers from Attorneys
Review the policy. Is the policy on your life or was it on your grandmother's? If the policy is on your life and your mother is the only beneficiary, then your mother can claim it upon your death.
Technically it depends on the terms of the policy. Typically, the"owner" of the policy has the right to determine who is the beneficiary and who can cash it in. Just because you are the beneficiary does not mean that you are the owner.
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