My father in law has decided to take out a life insurance policy on our son who is only four months old.
He does not have his social security number or our consent on the life insurance policy.
He is the sole beneficiary and the policy is in the amount of 25 thousand dollars. I have multiple questions on the situation.\
1. How old does a child have to be to require parental consent on a life insurance policy?
2. Is this legal in the state on Arizona?
3. Can I cancel this policy if I find the company that he is using?
I understand that his son died at a young age and that if it was intended as a gift it is acceptable.
A life insurance policy on a child can be issued at birth.
Parental consent is not needed as long as there is a legal insurable interest. Grandparents have Insurable Interest in their own grandchildren.
Yes, it is legal.
No, you cannot cancel the life insurance policy. Only the policy holder can cancel the life insurance plan.
Grandpa does not need the child's social security number or your consent to buy life insurance on his grandson.
Grandparents, great-grandparents, legal guardians, and siblings age 18 or older can take out a child policy without parental consent and be both the policy owner and the beneficiary of the life insurance policy.
Grandparents have insurable interest on their grandchildren and hence can take insurance policy without the consent of the child's parents.
Here's how to learn more about Grand Child Life Insurance plans.
Insurance without any Medical Exam,
Just a Few Health Questions.
