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Legal guardianship and life insurance

Discussion in 'Life Insurance, Annuities & Other' started by myblueyz69, Jul 20, 2014.

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  1. myblueyz69

    myblueyz69 Law Topic Starter New Member

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    I am the guardian of my disabled, adult brother. Can i take out a life insurance policy on him?
     
  2. Betty3

    Betty3 Super Moderator

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    Can he sign the application as applicant/insured? I assume you are planning on signing as owner? Who will be the beneficiary - you? If he is disabled, he might not qualify underwriting wise for life insurance. I was a life ins. underwriter.
     
  3. army judge

    army judge Super Moderator

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    As your brother's guardian, if he's incapacitated, the court can issue an order which is the same as you signing an application.
    I don't know what specific duties and powers your guardianship delegates to you, so you might wish to run this by the lawyer that assists you with the periodic renewal of yoru guradianship.
    You can take out a life insurance policy on ANYONE in whom you have an INSURABLE interest.
    You need not have conservator ship or guardianship over the person.
    Speak with any insurance agent or insurer and see if you have an INSURABLE interest in brother.
    It appears you do, but speak directly to the horse's face, not us you know. LOL

    http://www.insure.com/articles/lifeinsurance/secret-policies.html

    http://www.insurancescored.com/what-determines-an-insurable-interest-in-a-life-insurance-policy/

    http://www.insuranceblogbychris.com/how-to-purchase-life-insurance-on-ex-husband/
     
    Last edited: Jul 20, 2014
  4. Betty3

    Betty3 Super Moderator

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    You can take out life ins. on a brother with you being the owner (immediate family members automatically have an insurable interest) but brother still has to sign application if an adult agreeing to this & to verify that answers to questions are correct. Brother would be applicant (insured if policy issued) & you would be owner. Even a husband would have to sign an application as applicant/insured where wife is taking out ins. on him with wife being owner/signing as owner. An adult has to sign their own application. Also, underwriting has to be done & the person might not qualify medically or otherwise. There are some cos. that sell up to a certain limit without underwriting (you can find them on the internet/get advertisements through the mail) but will not pay if person dies within first two years. However, they still generally require that the person to be insured (if an adult) sign the application. You can talk to an agent or a broker - they might be able to tell you based on brother's disability if he would even qualify for ins. through a regular co. that uses agents/brokers & that does underwriting.
     

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