Can a person have power of attorney and be the primary beneficiary on a life insurance policy?

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Can a person have power of attorney and be the primary beneficiary on a life insurance policy?

Asked on May 10, 2012 under Insurance Law, Missouri

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

It could pose as a conflict of interest unless, for example, you have a separate neutral authority approve the matter, like a lawyer. Usually families with only children, for example, will name their sole child as the one with power of attorney if the lose competency or are declared incompetent and this same child would be the sole beneficiary of the life insurane policy. There really should not be a problem again as long as the a neutral party has reviewed all documentation and there is absolute proof that no abuse of the process has occurred.


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