Is It Legal To Take Out A Life Insurance Policy On A Child In The Uk?
Posted June 30, 2009 – 11:18 am in: structured settlements FAQWas it legal for a mother to take out three life insurance policies on her daughter in 1990?
The three policies had a twenty year term and are due to return a dividend in 2010. Now that i am 19 and don’t live with my mother anymore, legally who does this money belong too?
Please Help!
Some useful links would be appreciated too , Thanks!
2 Comments
The money goes to the owner of the policy. You are the insured. Since your mother bought it, she probably made herself the owner. You aren’t due anything.
I would assume the money belongs to your mother. She is the one that has been paying for and she is also probably the beneficiary for the policy. I don’t see why it would be illegal. I don’t know anything about UK laws, but I know in the U.S. a parent can take out a life insurance policy on kids. We have one on each of our kids. I will more than likely belong to your mother. That policy was for if something happened to you then she would get the money to cover the cost of everything.