Money Matters
tigerfighter
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Life Insurance
My mom got a life insurance policy back when I was 16 got married in 2012 and DH insists on being the sole beneficiary on the policy even though my mom pays for it. She insisted on waiting till we had hit one year before adding him to the policy. This insurance policy has been nothing but a headache between DH and I. As he thinks my mom should not have a policy on me especially now that we are married. Which in turns has caused fights between me and my mom. How does MM feel about parents having life insurance out on adult children.
Re: Life Insurance
Do you support your mother in any way? Is she expecting you to support her in her old age? Does she plan on organizing and paying for your funeral if you die before her? These are the only reasons I can think of for her to have a life insurance policy on you, though there are probably more. If none of these are true and she doesn't stand to face any major financial loss in the event of your death, then she should probably rethink the policy.
As for your H, you two being married doesn't entitle him to any death benefits that your mother gets if you die. If she has no reason to insure herself against your death, the reasonable thing would probably be to make him the beneficiary and have you two take over payments/ownership of the policy, but she certainly doesn't have to. If your husband wants to be the beneficiary on a life insurance policy in your name and your mother decides to either keep or cancel hers rather than transfer it, then the two of you will just have to buy your own policy.
"You know you're in love when you don't want to fall asleep because reality is finally better than your dreams." - Dr. SeussMy question was whether she depends on you in any way, not if you depend on her. For instance, if she is occasionally behind on bills and you help her out, or if she is not able to save for her retirement but plans to move in with you when she can no longer work, these would be reasons for her to have a life insurance policy on you.
From what you've said, it sounds like she intends for it to be sort of a safety net for her (hypothetical future) grandchildren - an assurance that they will be okay in case you don't make it to their 18th birthdays - and that she has never had any plans to transfer it to you or your family except in the case of her death. If this is correct, she's probably not changing her mind, and your husband should let it go and get his own policy against you if he wants one.
"You know you're in love when you don't want to fall asleep because reality is finally better than your dreams." - Dr. SeussMil has a small policy on dh and she is the only beneficiary. I don't see the big deal of your mom having one on you. Can she put your dh as a contingent beneficiary in case she has passed when you do? Do you and your dh have policies on each other? I would think that would be enough to satisfy him
Anyone can take a policy out on someone else. They don't even have to be related.
As long as the insured consented to have the medical exam at the time the policy was taken out (in your case you had parental consent), and the owner of the policy pays the premium, then they can keep the policy until the term expires (if it's term) or until you pass.
If your H is that concerned about it, then you both should look into taking out life insurance policies on each other now that you're married. You can have more than 1 life insurance policy, and your mom has the right to keep that policy and never change the beneficiary.
My parents have a $100k whole life policy on me that they took out when I was born. They pay the premium, and they are still the beneficiaries on it. They wanted to keep the policy after I got married, and continue to be the beneficiaries. As long as they're paying the premium, then it's fine with us. We took out our own policies a few weeks after our wedding.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
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