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Does Somebody Have a Life Insurance Policy On Me?
While it is possible, it’s usually quite unlikely that you will have a life insurance policy in your name without you knowing about it. This is mainly due to the fact that it is very difficult to apply for life insurance in someone else’s name, without them knowing about it first.
When applying for life insurance, you may be asked to undergo a medical exam, or you may be asked to release your medical records to the insurance provider. Either of these actions will need your presence or your signature.
If the life insurance application goes ahead, you will still need to sign the application for it to be made legally binding.
If an application is being taken out in someone else’s name, the person whose name it’s under will be contacted by the insurance provider to confirm consent (click this link to visit Suncorp directly). That person will need to confirm all the details on the application, as well as the details of the person taking out the application for them.
However, fraudulent applications can slip through the net. The person making the fraudulent application could pretend to be the person being insured, and they could also fake their signature.
Children under 15
Parents are legally allowed to take out life insurance policies in the names of their children under the age of 15. The child does not have to sign any forms, and it is possible that the child could grow up not knowing the policy exists.
Group Life Insurance
A participant in employee group life insurance is usually allowed to add coverage for their spouse. This can be done with or without the spouse’s knowledge.
Employer Life Insurance
Until recently in the US, companies could buy life insurance policies for their employees without their employees’ consent. This changed in 2006, to stop companies claiming life insurance benefits on deceased employees without prior consent.
How to find out if you have a life insurance policy in your name
If you live in the United States, contact the Medical Information Bureau to find out if there are any life insurance policies in your name. If you live elsewhere, check the internet to find out if there is a service that allows you to track policies. You may need to pay a fee for this service.