Why does an unlimited durable financial POA not allow for me to cash my mother’s life insurance policy?

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Why does an unlimited durable financial POA not allow for me to cash my mother’s life insurance policy?

I am told by the life insurance company that they are unable to proceed with the request of cashing my mother’s life insurance policy due to

Asked on March 15, 2019 under Insurance Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

An unlimited durable POA like the one you describe would let you cash out the life insurance: as you describe, since it allows you to do anything your mother could do. The fact that the other company complied and had no problem with the POA reinforces this; the first company is simply incorrect in its position. Unfortunately, if they won't come around to the correct way of thinking, you would have to sue then for "breach of contract," or not doing what they should under the terms of the policy, for the money.


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