Cape Coral Florida FL Life Insurance Leads
Reader’s Question:
How do I change the ownership of life insurance from my dad to my mom? My dad left a Power of Attorney to my mom for the change.
Molly
Cape Coral FL
Hi Molly
If the life insurance company is located just in Cape Coral where you dad and mom are, you wouldn’t have problem going through the process because you just need to ask assistance from the life insurance agent of the company. The life insurance agent should be able to help you through the process. He may need to involve a lawyer from his contact so that the process will run smoothly.
Before you go any further, just ask the life insurance agent the consequences of the change of ownership. Relevant questions will include if the beneficiary will still be the same or the provisions in the contract be changed and the fees involved? With the change of ownership, it is necessary for you to know the changes in the provisions that go with it. This is especially relevant since life insurance is based on age and health of the insured.
It would even be better if aside from the life insurance agents, you ask advise from financial advisers (perhaps from professional friends and relatives) to see if change of ownership would be necessary for your dad to your mom. This move is only valid if your father has owned new life insurance and your mom had none. Just check if it is necessary and worth the time and effort. If it is, then the process starts with you contacting the life insurance agent.
Tags: life insurance leads, life insurance plan, life insurance policy
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