Who wants to hear what a LOSER my FFIL is?? (LONG!)

WOW........ That is nervy

I just talked to DH who sells life insurance (and teaches the class for licensing) and got some likely answers for you.

First - he said Don't Worry - first off, since you've refused to take the medical tests it's very unlikely that the policy will be issued. That sort of thing tends to be a red flag for underwriters and it probably won't get approved.

Second - he said you can call Met Life and ask them who is listed as the applicant, owner and insured. The owner controls the policy, is liable for payment, and chooses the benificiary. The owner can also cancel the policy without penalty or just stop paying - it's not like a loan where you commit to a term of payments - it won't affect one's credit in any way if they stop paying. So even if he made you the owner of the policy and he intends to fund it (pay the invoices) you could cancel at any time if he decides you should now pay for it. And if you are listed as the owner you would get to keep any cash value.

Third - someone mentioned that the spouse is automatically entitled to the insurance benefit unless they sign away that right. Actuatlly, that is with a pension - the spouse has to sign a waiver if anyone else gets the pension. With insurance, the owner of the policy (usually the one who pays) can name whatever beneficiary they want.

It's not unusual for an agent to take out policies on family members - sometimes it's done just because they want to hit a quota or get an award and need a few more policies. Since they're getting commission back, it's sort of like a discounted premium. And if they retain ownership on a whole life policy (or another type with cash value) then they have control over the cash value. That gives them the option to cancel the policy and get the cash value back should they hit financial hard times, or in case of a divorce. They can name anyone as the beneficiary - the spouse or children, or themselves.

So - it's unlikely that a policy will actually get issued, it's possible that FFIL is trying to take out a policy on you, naming himself as benficiary, but he'd be paying for it and there is no financial liability for you.

this isnt a beneficary issue of your FH's policy.

Blood & Urine is for a new policy out on you.

I believe you must 'accept' the policy and have an oppurtunity to say 'no'.

Call Metlife... explain you dont want a policy taken out on you. They are only doing what they have to do based on paperwork they have.

Thanks ladies!!! I appreciate the input especially bc I am clueless when it comes to this!

OMG - that is totally insane!! I am so in shock right now! Seriously call MET Life and Cancel!!! You do not need to do anything you dont want to - NO ONE can force you -contracts get cancelled all the time - look into this.

You NEED to call MetLife back and tell them to please send you a copy of ALL signed documents. Then you need to call your FFIL and tell him that you WILL NOT take out this policy. Then you need to tell FH that this is insane. DO NOT take a chance that your FFIL pulls something illegal to get this policy issues. Call MetLife and speak to someone to cancel this policy and send you confirmation of this.

BUT you also need to take A LOT of responsiblity for this. Why on Earth would you EVER sign anything you didn't read? You could have signed a document stating that you get NOTHING if your husband (God Forbid) died. As of right now your FFIL is getting everything. what is you have 2 kids, a house, etc... You need to protect you and your family, NOT FFIL. Contesting a Will is a costly and timely process. Don't put yourself into that position.

And learn from this!

Just FYI

The FFIL can continue to keep himself as beneficiary of the policy.. no problems... and it's legal.

The FFIL can even take out a policy on his son's wife, if she allows it (hence the signature) and it's legal.

I forgot who corrected me in here, but they were right. There is no 'automatic' transfer of rights of this policy to the wife.

However, she can decline coverage on this policy. It's a simple matter of telling Met Life 'no thank you'. Regardless of what she signed, she would still have to 'accept' the policy. She has a chance to get out of this.

Ladies.. check your beneficiary forms... You need to change them all over (as$uming you want to) when you're married..


Ok.. its' freezing in my office.. I feel like my brain is cold molas$es....