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Change of Beneficiary on Existing AXA Life Insurance Policy

semmes040881
Posts: 1 Newbie
I wonder if anyone can help me, I am trying to find out if anybody knows how to go about changing a beneficery on an existing Life Insurance Policy (The Policy is with AXA Assured) unfortunately my friend has just found out that she has Terminal Caner, and the main/only beneficery is her husband who unfortunately she does not trust to allocate the money that will be paid out from the policy as she wishes, she is worried that once she is gone he may just keep the money for himself (sad I know).
She has tried phoning AXA who said they would not speak to her as she is NOT the Policy Holder, and would only speak to her Husband as she has named him as the Policy Holder but she is the one that took out the policy and has been paying into it and she is the owner – I don’t really understand that?
I have tried phoning on her behalf but cannot get any sense as the calls seam to be put through to India, I have also looked on the internet to see if there is a straight forward form that she just needs to fill in and send off for the alterations to be made, but so far have had no joy.
Any help would be great.
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Comments
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She has tried phoning AXA who said they would not speak to her as she is NOT the Policy Holder, and would only speak to her Husband as she has named him as the Policy Holder but she is the one that took out the policy and has been paying into it and she is the owner – I don’t really understand that?
You have the policy owner and the life assured. If the policy is in trust you will also have trustees and beneficiaries as well. Before death, the policy is owned by the policy owner. It doesnt matter what bank account it comes out of or whom the life assured is. The policy doesnt belong to them.I have tried phoning on her behalf but cannot get any sense as the calls seam to be put through to India, I have also looked on the internet to see if there is a straight forward form that she just needs to fill in and send off for the alterations to be made, but so far have had no joy.
AXA cant give any advice on this anyway as its an advice issue and like most insurance companies, they dont hold advice authorisation. They can only give factual answers to questions asked. If it starts getting into options and whats best they will push you away and tell you to seek independent advice.
Key things to note here are:
1 - is the policy in trust?
2 - if so, what type of trust
3 - if not, then it gets paid to the husband as he is policy owner.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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