Legal Question in Insurance Law in Illinois

Last year my grandma asked me if I wanted to take over a life insurance policy she had on my dad. She said it was $28,000 and premiums were $100 a year. I signed one document that said change of ownership. I just received something in the mail saying she took out a $28,000 loan on it and I have to pay interest of $2500 by Oct 29 or the policy will go into foreclosure and I will have to pay taxes on it next year. I tried to call her and ask her to take it back and she said she will have to think about it. I wonder how it is legal to sign something like that over to someone without disclosing it, and how I can get out of it? She never told me there was a loan out on it, and I obviously can't find this out on my own unless I'm the owner of the policy - they won't share information.

Asked on 10/19/11, 4:00 pm

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You need to see a lawyer because if these are all the facts, she may have defrauded you sorry to say.

Answered on 10/19/11, 7:24 pm

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