Real Answers for Life’s Money Challenges
My mother died after several years with Alzheimers in the Philippines.
While she was living in Maryland, a cousin took an insurance policy on her.
If she is the owner of the policy, what does it have to do with me?
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I asked for a copy of the policy because I have no idea what she is trying to do.
-Confused Daughter
Dear Confused,
Trust your gut.
Dont give your cousin your mothers death certificate or any personal information she asks for.
There are a lot of things that sound sketchy here.
The biggest red flag is that your cousin owned a life insurance policy on your mom.
You cant just take out an insurance policy on anyone.
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Its typically assumed that you have an insurable interest in the life of your spouse or your child.
You also need the persons consent to take out insurance on their life.
I have to wonder: Did your mother fully understand what she was signing?
Its also odd that your mother was making partial payments if your cousin owned the policy.
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you’re able to continue to press your cousin for a copy of the policy.
But dont be surprised if youre met with a flurry of excuses and convoluted explanations.
Even if your cousin does provide you with the document, I wouldnt assume its legitimate.
hit up the insurance company directly to verify the policy.
it’s possible for you to provide the death certificate to the insurer directly if its legit.
The company can send you any necessary forms.
The organization will ask participating companies to search for policies in your mothers name.
If they locate a policy and youre the beneficiary, theyll provide you with the details.
Your cousin doesnt need to be involved.
If you believe your cousin had nefarious intentions, consider contacting your state insurance commissioner.
Some people are hesitant to report family members to authorities.
But if you suspect your cousin scammed your mother, she could easily do the same to others.
Elderly people are especially vulnerable to being conned by people they trust, like family members.
At the very least, you should warn other family members if you think thats what happened.
Unfortunately, deceased people are at risk of having fraudulent accounts opened in their names.
But you have every right to be suspicious here.
Dont let anyone, especially your cousin, tell you otherwise.
Robin Hartilll is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
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