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My mother-in-law has this "friend" that sells whole and universal life and has been buzzing in her ear non-stop and convinced her completely. She paid MASSIVE amounts of money on her own insurance (maybe over 100,000K in premiums now) and now that all that is maxed, her "friend" is convincing her that that would be the best gift to her grandson to buy HIM whole life insurance.
25,000 first premium and than 1,100 a year. We seriously do not want her to waste her money. But she did not believe us when we talked to her about getting life insurance on her, and she does not want to discuss it now. She is very defensive. She says this is her gift to her grandson and she will pay the premiums.
If she wants to make a gift, we would much rather she open a 529 for him or something.
My question is, can she do this without our permission? She is not the beneficiary of the policy, and she is grandmother, but is parent's permission required to open a whole life policy on a child?
25,000 first premium and than 1,100 a year. We seriously do not want her to waste her money. But she did not believe us when we talked to her about getting life insurance on her, and she does not want to discuss it now. She is very defensive. She says this is her gift to her grandson and she will pay the premiums.
If she wants to make a gift, we would much rather she open a 529 for him or something.
My question is, can she do this without our permission? She is not the beneficiary of the policy, and she is grandmother, but is parent's permission required to open a whole life policy on a child?
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