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Ask the Life Insurance Expert

My son took out a million-dollar life insurance policy on me when I was 57 and totally cut all ties from me a few years later. I'm now 73 and in desperate need of home care. Doesn't he have to help me with the life insurance borrowing plan or have any kind of stake in my life?

If you were the policy owner, you would be able to access the policy’s cash value or tap it for medical care, if it included a provision for that. However, in this case you are the “insured” on the policy and you don’t have control over it.

While the situation is unfortunate, your son has no legal obligation to tap the cash value in order to pay for your expenses.

Even though he has cut ties, it sounds like he did have “insurable interest” in your life when he purchased the policy. However, life changes don’t invalid him as the owner of the policy.

Last updated: Oct. 8, 2013