If my minor 9 year old was assigned an insurance policy as a beneficiary, is there any way that I could file a request to use any of the funds now on his behalf?

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If my minor 9 year old was assigned an insurance policy as a beneficiary, is there any way that I could file a request to use any of the funds now on his behalf?

Asked on July 13, 2012 under Estate Planning, New Jersey

Answers:

John Ducey / Law Offices of John G. Ducey,PC

Answered 9 years ago | Contributor

Is the money being held by the surrogate?  If so an application can be made to the court to release the money for a cetain purpose like medical bills, provate schooling, etc.  It has to be a good reason for a court to release the money.  If you have more specifics call or email.

 

John Ducey

Cameron Norris, Esq. / Law Office of Gary W. Norris

Answered 9 years ago | Contributor

No.  I am guessing that this is a life insurance policy.  Life insurance policy proceeds don't exist until the insured dies.  So, there is no way to access the funds now.

What you could do is sell the policy on a secondary market.  There are several places that do this.  They normally only buy and sell whole life policies not term policies.  If you have a whole life insurance policy you may be able to sell it outright and use those finds to use for the child now.

Best of luck.


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