Issue legap notice to father not to take our any insurance policy in your name
2) obtain court orders restraining father from taking out insurance policy
Blood relative secretly buying life insurance on my life -- how to prevent?
My estranged father, aged 74, with low life expectancy, recently tried to secretly and deceptively purchase life insurance on my life. (He had asked for some documents and video KYC, so I had asked him clearly whether it was life insurance. He clearly said no.) I finally discovered the act when a doctor called me for a "video medical interview" with a policy proposal number from KLI, after which I dug up the details by talking with the agents. The agents too were evasive, not knowing that I had received the video medical interview call, and they said that he was just making some investment, not life insurance. When I then disclosed the medical interview request he immediately "remembered" that there was a life insurance component. The worrisome part is that I am the last person on the planet who would need life insurance. I have no dependents and zero liabilities. I have no wife, no chlidren, not even a brother or sister. My father has his own house, a large pension, and a significant amount of saved money. My mother too is fully self-sufficient. I do not need to support either or them or anybody else. I have no loans that need to be paid off. I have enough money of my own, and live off some passive income rather than some large salary. As far as tax benefits go, I am an NRI so those benefits do not apply, and even if they would, they are negligible under new tax regime applicable to my father (and myself if I became resident). As far as investment, there are much better options. Tax or investment considerations are additionally moot, because then it would be disclosed and done cooperatively as is normally done, rather than in secret and deceptively. Clearly, under normal circumstances, my father and mother, both in their 70's would pass away well before me. So there is nobody to even be the beneficiary after the initial few years of the term. The question is -- How can I stop this and other such policies from being issued? The insurance agent told me that a blood relation has a right to take a policy even without my consent. For now I have clearly refused to do a video medical interview, but my father has already provided other documents. To be clear, my main concern is that the establishment of a conflict of interest on my life and existence (rather than the expenditure of money on premium) What is a robust way to prevent my father from buying life insurance on my life? (a regrettable question I never thought I would have to ask in my life)
Asked 1 year ago in Civil Law
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12 Answers
- As per Insurance rule , one cannot take a policy on someone without them knowing, and it is mandatory to prove financial interest between both parties.
- Hence, legally your father cannot take policy on your name without getting your consent , and further even the Insurance company cannot accept such policy
- Since, you know the said Insurance company through the agent , then you can send a notice to the Insurance company with a warning that no policy should be issued in your name
- Further, send that notice copy to the father for his information , that you are not interested for the same.
In order to take out a life insurance policy by your father on you/ son or anyone else, he'll need some of your information, your signature, and if he wants to own the policy, proof that he will be financially impacted by their death.
If he had obtained the policy by playing fraud, you can approach the insurance company y with a letter to cancel the insurance policy for the reasons that you were not consented on this neither you are willing for this arrangement etc, you can endorse a copy to the insurance ombudsman also to keep them posted about this fraudulent activity connived by the agent and the branch manager and ask them to direct the branch manager to cancel this policy.
What is loss for you if your father is availing a life insurance policy for you. It seem a good and caring gesture on part of father. It is to relevant that on getting policy matured you too should get benefitted and your father may not be in the world till the policy would get matured. So cooperate with your father in completing required formalities. As such there is nothing wrong so donot prevent your father rather cooperate him.
You can inform the life insurance companies that such attempts are made and not to issue any policy in your name. You can inform police also
Communication: Clearly communicate to your father that you do not want him to purchase life insurance on your life. Express your concerns and explain why you believe it is unnecessary and not in your best interest. It's important to have an open and honest conversation with him about your wishes.
Legal Documentation: Consider creating legal documentation, such as a written statement or an affidavit, stating that you do not consent to anyone purchasing life insurance on your life. This document can help clarify your intentions and potentially serve as evidence if any issues arise in the future.
Consult an Attorney: Speak with an attorney who specializes in insurance or estate planning to understand the specific laws and regulations in your jurisdiction. They can provide guidance on any legal options available to prevent someone from purchasing life insurance on your life without your consent.
Monitor Your Finances: Regularly monitor your financial accounts and credit reports to ensure that no unauthorized life insurance policies are being taken out in your name. If you notice any suspicious activity, report it immediately to the relevant authorities and take appropriate legal action.
Restrict Access to Personal Information: Be cautious about sharing personal information with your father or anyone else who may try to purchase life insurance on your life without your consent. Protecting your personal information can help reduce the chances of unauthorized actions being taken on your behalf.
The main thing not clear is what is the special status of a blood relation (father) given that the son is already old and not a minor. Does being a father allow him to: (1) just buy an insurance policy without my consent (if the insurance company is willing to waive the medical interview and so I don't know about it) (2) if (1) is true, can he still do it if there is no financial impact on him of my death? (3) Do I need to file affidavits with all insurance companies stating lack of consent and lack of financial interest? Thanks for all your kind responses so far.
Asked 1 year ago
Parents have insurable interest on their children until they start working. Once the child is considered legally an adult, which may vary from 18 years to 21 years of age, depending on where you are, their consent is required for such a policy, and they will, as the life insured, know about the policy.
It appears like it is your own imagination that your father had taken an insurance policy on your name.
No insurance company will accept insurance policy on the Life of an adult being purchased by another adult without any specific reason for doing so.
Even if he has played fraud on the insurance company and purchased the policy on your name, he can claim amount only in the event of your death.
In any case it will not affect you in any manner.
Your proposal to give affidavits to various insurance companies is practically not possible.
Hence you may just ignore such unnecessary fears.
What is your query? There is nothing wrong if a father who is of the age of 75 out of love and affection is buying life insurance for his child. After all, it would be you who shall be the ultimate beneficiary. If you do not wish, and donot wish to permit your father to purchase insurance policy for you then do not sign any document, donot sign any insurance form do not go for medical checkups, do not give your photographs and other ID proof, and also donot give your bank particulars etc. In absence of stated information nobody can avail insurance for you and by your name. No purpose would be served in writing to insurance companies.
Your letter to all insurance companies will do no need for affidavit
You can send an Information letter/notice to the Insurance Regulatory and Development Authority of India(IRDAI) after giving short details.
The special status of a blood relation, such as a father, can vary depending on the specific legal and financial circumstances in your jurisdiction
Buying an insurance policy without your consent: In most cases, an adult son does not require the consent of their father to purchase an insurance policy on their own life. Insurance companies generally allow individuals to buy policies on their own lives without the need for consent from family members.
Buying insurance without financial impact: Even if there is no direct financial impact on your father in the event of your death, he may still be allowed to purchase an insurance policy on your life, depending on the laws and regulations in your jurisdiction. However, the insurable interest principle might apply, which requires that the person purchasing the insurance policy has a financial interest or a reasonable expectation of financial loss upon your death. If there is no financial impact on your father, it could potentially affect the validity of the policy.
Filing affidavits with insurance companies: If you do not consent to your father purchasing an insurance policy on your life, it may be advisable to inform the insurance companies in writing about your lack of consent and lack of financial interest. This can help ensure that the insurance company is aware of your position and can take it into consideration when processing any claims or dealing with any disputes.