We recently took a look at our life insurance. We wanted to make sure we had enough to cover what our kids would need if something happened to us and we wanted to add our new boys to the policy so they would also be covered.
On all our policies, my sister is listed as a beneficiary if something were to happen to all of us. So it was only natural that we would put the new policies in the same format. Only we got a letter in the mail telling us that she does not have an "insurable interest" in the boys and thus cannot be listed as a beneficiary.
At first I was mad. Now I just am irritated. Why does the beneficiary have to have an "insurable interest" in the person. We are paying for the policy, not her. Stupid.
And she would be the one to take our children if God-forbid something ever happened to us. I don't know about you but if someone showed up with 7 kids on my doorstep I would suddenly have a huge "insurable interest" in their kids.
Stupid. Stupid. STUPID.
3 comments:
Jodi, what if you had a simple will drawn up giving your sister custody of the kids should something happen? I wonder if that would satisfy the "insurable interest" part/
Hmmm I don't understand. What is 'insurable interest' ????
This makes no sense. How can they state who your beneficiary can and can not be? I hate insurance companies.
Post a Comment