Power of Attorney valid for Life Insurance in NY?

[SParker]

Hi All

Is a Power of Attorney is valid for life insurance policies in NY? If a WL policyholder has a power of attorney in place, and the policyholder becomes incapacitated, can the grantee of the Power of Attoreny make decisions about the policy, eg: take out a loan or chronic illness benefits etc on behalf of the policyhoder?

Thanks

 

[pfg1]

Unless NY has some strange law stating otherwise, I don't see why not. Financial POA is designed for just that.

 

[SParker]

Unless NY has some strange law stating otherwise, I don't see why not. Financial POA is designed for just that.

NY is notorius for being difficult in every way possible, that's why I wanted to double check.

I know there is at least one bank in NY that will NOT accept a financial durable POA that is drafted at an attorney's office, the bank insists that customers have to use the forms provided by the bank or they won't accept it. If I recall correctly, there were lawsuits over this forcing the bank to accept the POA drafted at an attorney's office.

 

[fed up]

The Powers of Attorney which I have been part of clearly state that I can enter into loans and financial transactions on behalf of the incapacitated.

 

[Lloyds of Lubbock]

If your client does not want the designated person to make changes n the ife insurance.
Limit the scope of pwers in the document.