Question
Pennsylvania
Here is the situation:
My daugher (who is now 19) had a whole life insurance policy since she was a child. Here father and I divorced and he continued paying the policy. My daughter has had no contact with her father since she was about 12 years of age. Over the years I have contacted the agent who told me I was not allowed any info since I was not paying for the policy even though I wanted to take over the payments. My daughter recently contacted the agent and was told the policy was cashed in by her father shortly after her 18th birthday. Did he have the legal right to cash in this policy. The policy was originally purchased as a type ofsavings plan for her college. Any help would be greatly appreciated. Thanks in advance.
Answer
If the policy matter wasn't addressed in the divorce decree then it falls within the purview of the company and their requirements.
Answer
Who was the policy owner? Who was the insured? Who was the beneficiary?
Answer
Unless you can challenge that both you and your ex were the owners of the policy (and as Belize says 'wasn't addressed in the divorce decree'), it sounds like he has established to the company that he is the policyowner and has all rights, which include cashing in the policy, taking a loan, changing the beneficiary and cancelling the policy.
Answer
The policy was issued to my daughter when she was an infant. I thought that at the time the policy was written both her father and I were owners and both of us were beneficiaries. The policies of the children were never addressed in the divorce decree. Neither child had any other savings or college funds.