Question from a Beneficiary

I typed a reply...saw that it would be posted after being approved by moderators...and now there is no sign of it as pending. Mods, was it not approved?

Thanks so much, all.
 
The beneficiaries are designated by the owner. What happens when one dies can also be designated.

You "could" be named as owner and have control of the policy. Others "could" be premium payers and beneficiaries. Once named beneficiaries, they get benefits regardless of whether they pay.

There are multiple policies. Perhaps ownership could be split up with 1 of the current beneficiaries owning, being responsible for and benefiting from one policy. That way you don't have to deal with litigious family.

I personally wouldn't pay for something I don't control. Perhaps a premium or 2 until things are set up but not more.

I remember a case where a person with terminal cancer had access to a group policy without underwriting. She couldn't afford the premium but bought anyway. She changed the owner to a friend who also paid the premium. Her druggie daughter tried to assert that the money should go to her. Fortunately there was a letter outlining the insured's intent which matched the way the policy was set up. There were no tax issues with this particular case - only greedy children.
 
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