How can I find out if someone has taken out life ins on me?

Miss_Annie

How can I find out if someone has taken out life insurance upon my death without my knowledge or consent as I have good reason to believe this may have been done.


The person whom I believe may have done this is a family member with whom relations are very challenging and we have not spoken for years but it has come to light that over the past 20yrs or so each time someone in the family has died a couple of months later they have money. Plus to add to my concern I have since found out that one family member had a letter sent to them in error from an Insurance company because the direct debit had not been paid, they knew nothing about it. With some digging that person found out the policy had been taken out on them years before hand by the person I am concerned about, once challenged about it he was very sheepish and apologised. Not sure what happened after that. Another family member has since died and again there is money. What do I do to get proof? if I go to the police they will want proof or I will be wasting there time and they have enough to do as it is.


Can anyone advise me please. Many thanks.

InsideInsurance

Someone is perfectly entitled to take out life insurance on someone else and technically doesnt need their permission. For the insurance to be valid there only needs to be an insurable interest at the time of inception of the policy, if that reason disappears overtime that doesnt change the validity of the policy.

The issue with taking a policy out on someone else is being able to provide their medical history etc. If the insurer needs access to medical records then clearly that cant happen without the person in question's consent.

Of cause if they are buying a low value no questions asked type policy then these issues probably go away.

What is your issue with this person buying insurance on others? They are paying the premiums and taking the gamble with the insurers money not yours?

If you think they may have fraudulently gained access to your medical records then thats a simple question for your GP to answer on if they've ever had to write a report

vaio

as above, the only real issue is wrongful access to medical records.

other then that, as insurers pay out less in claims than they take in premiums, then taking out life policies is, on average, going to lose you rather than make you money

All assuming you don't insure & then murder the insured person

Miss_Annie

Thank you both for your replies, I am very grateful.


I never realised that someone could have a life insurance policy on myself without me knowing about it or giving consent to it and not be breaking the law. Well as you say they are paying for the policy, am not.


Perhaps am just naive to these financial dealings, showing my lack of experience and understanding in these matters. Its not as if there covering the funeral expenses so its a nice little money earner for them with the ask no questions type policy maybe.


What ever happened to basic morals, seems all greed and selfishness to me now.

vaio

as above, they must have an insurable interest in you when the policy is taken out.

As for being a "nice little earner" that's just not the case, on average life policies pay out less than they collect in premiums, that's how insurance companies cover their costs and make a profit

SailorSam

Requirements to take insurance out on someone else.

http://www.livestrong.com/article/73457-requirements-taking-life-insurance-policy/

terra_ferma

SailorSam wrote: »

Requirements to take insurance out on someone else.

http://www.livestrong.com/article/73457-requirements-taking-life-insurance-policy/

Some states recognize the insurable interest of engaged couples.

Sounds like the info is from the USA

InsideInsurance

Miss_Annie wrote: »

I never realised that someone could have a life insurance policy on myself without me knowing about it or giving consent to it and not be breaking the law. Well as you say they are paying for the policy, am not.


Perhaps am just naive to these financial dealings, showing my lack of experience and understanding in these matters. Its not as if there covering the funeral expenses so its a nice little money earner for them with the ask no questions type policy maybe.


What ever happened to basic morals, seems all greed and selfishness to me now.

Insurance is a gamble, hence why muslim law prohibits it. Like in a casino on average the house/ insurance company wins, if they didnt then they'd go out of business.

As per my prior post, you must have an insurable interest in the person you are buying the policy on but you dont need their permission unless its to access medical records. Classic examples can be if you loan someone money you may buy insurance to cover that debt if they were to die before repaying it. If you split with your partner and they have to pay you maintenance then again you could insure them so if they die you continue to get the maintenance.

It sounds as if the insurable interest may be low in these cases but obviously not close enough to say. As always, the bigger the possible payout the more the insurers question the matter. Buying a low quality, low payout, no medical questions asked and OTT premiums then the insurers may not query too much because their gamble is low and the chances of your relative winning low