Cashing life insurance?

  • by morgan
  • Nov 16,2015
  • 10 answers

My parents had gotten me a life insurance plan when I was a child. I now am a mother of a 7 month old with another on the way. I have started my own life insurance plans for my family I have no contact with my parents and would like to know if there is a way to cash that plan that they got for me in my name without having to talk to them because I know they won t give me the info and I could really use the money to get my life a little bit more in order


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Insurance Answers (10)

Meme72 6 months ago

Your parents are the beneficiary of the policy since they took it out and are paying for it. Maybe you should have gotten your life in order before your first baby or waited to have another baby. Your stupid decisions are why your life is not in order.

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Casey Y 6 months ago

Considering the type of policy it may be, there may not be any recoverable funds associated. Since you aren't the owner of the policy (more than likely), you wouldn't be able to surrender the policy for the cash value anyway.

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Bill 6 months ago

No, the policy is to cover you but it is owed and paid for by your parents.

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mbrcatz 6 months ago

No. Only the owner of the policy - the person who's paid in over the years - can "cash out" the policy.
Don't feel bad, odds are, the cash value is way, WAY less than the amount they've paid in over the years.

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lucy 6 months ago

Even if there is a life policy out there, the odds are, there is not a lot of cash value in it. When I turned 21, my mother transferred my $1,000 policy to me and added my (EX) husband as the beneficiary. Today, that $1,000 is worth $3,500 and I am age 62.
It's a shame that your parents did not welcome a Hispanic grandchild. Could it be that you never married him vs him only being your BF, and now having a 2nd child with him? Have they seen their grandchild?

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jmm2112 6 months ago

Even if there is a policy with a cash value, only the OWNER of the policy (that's not necessarily the insured party) can cash it. If you're not the policy owner, you cannot "cash it."

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questioneer08 6 months ago

Mend the fences and talk to your Parents.

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anonimitie 6 months ago

No real way. The policy might not even give you authority to you - they may have to assign it to you.

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Tavy 6 months ago

Not possible as they took out the plan And most of them do not pay out until you are in your 50s.

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Ricki 6 months ago

I don't believe you have any way of "cashing out" a life insurance policy that your parents have set up.

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