Paid Life Insurance

In a Life Insurance Policy, can the insurer and the policyholder be two different people? Who wins what about death?

Me concerned that my stepmother has obtained a life insurance policy of my father who is terminally ill and she has a lot to make a fortune. They are currently separated. Is it possible that it, or on behalf of children as the beneficiary – if my father is the insured? If that is the case, I have my father's power of attorney. "I can stop this? "I can remove my father being the other ensured that the divorce? He can not live that long. She is much younger than my father and we have strong reason to believe that he married with him for profit. Please advise me about this situation. Thank you.

Yes, the policy owner and life insured can be two different people, and often. The only person to win in death, the beneficiary is given – which may be a third person. The policy owner is the person who decides who is the beneficiary, and can be modified at any time. They are also the person responsible for paying the bill. Once his father initially gave permission for his wife in their favor a policy it is irrevocable. So no, you can not stop, you can not remove his father from being insured, stepmother can not maintain its policy of being the owner, and you can not change the beneficiary. That is the point where the policy owner unless the insured – the owner of the policy making decisions, not the insured children. So if there is a seperation / divorce, the insured can not "change his mind." You can not do anything. Sorry. You can ask your father, if I let him get insurance polciy him in life – but if he is dying, is likely to cost the face value plus 10%. So I do not know what the point would be.

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