Life Insurance Policy On Schizophrenic Brother?
Posted December 23, 2009 – 10:18 am in: structured settlements FAQMy older brother took out a life insurance policy on my schizophrenic younger brother a few years ago. He is now his conservator. I feel this is a conflict of interests and it creeps me out. Are there any steps I can take to insure he does not profit on the loss of my brother? (Are there specific laws in Colorado?) Thanks!
Tags: Brother, Insurance, Life, Policy, Schizophrenic
4 Comments
That is the purpose of life insurance. Now if he is taking action as conservator that would endanger his life you should contact the police or the insurance company. But you should do that if he stands to benefit or not. A life insurance policy is a good means of having funds for his burial.
There may be deeper issue here. Do you seriously think that your older brother will pose danger to your already disadvantaged or disabled brother?
Such coverage is only meant for anything that might happen to your brother like hospitalization or death. It is not designed for your older brother to be extremely wealthy out of this.
If he commits murder he cannot claim on the policy; otherwise, there’s nothing you can do about it. Family members commonly have life insurance on other family members.
You go to court, and YOU be made conservator.