My father cosigned two private student loans for my son. I am paying those payments($350/month) as my son does not have income sufficient to do so and to keep the loan companies from going after my 83 year old father’s assets. Can I take out a term or accidental death policy on my son without his knowledge to pay off those loans if something were to happen to him? Thank you.

  1. 63333 POINTS
    Peggy MacePRO
    Most of the U.S.
    You cannot legally take out a life insurance policy on your son without his knowledge, if your son is an adult. The law dictates that adults have the right to know of, and to consent to, life insurance policies out on their lives. But would your son object to you taking out a policy on him? Accidental death policies do not need any medical requirements, and he could get life insurance that would not require an exam.
    Answered on February 10, 2014
  2. 1330 POINTS
    Mark TaylorPRO
    Licensed Life Agent, Life and Finance/ 50 States, New York
    If your son is between dependant age of 0 to 25 years then you may take out the policy without his permission. As he would be dependent on you for support. You will an the policy and be the payor. He would be rated at a preferred rate and guaranteed insurable for when the age of 25 is reached he would would have to own his own policy and would receive it guaranteed. The rate would change for he would need a higher face amount since there is a limit on how much he can be insured as a dependent.
    Answered on February 10, 2014
  3. 210 POINTS
    Barry Goldwater
    Principal, Goldwater Financial Group, Boston
    That really depends on how old your son is. Usually, if he is under 15 years old, you can, otherwise a signature is required on the application. Someone answered that question by saying you could do so up until the age of 25 and that is a totally false answer. Has nothing to do with dependent status.
    Answered on February 11, 2014
  4. 21750 POINTS
    Jim WinklerPRO
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question, and a terrible spot to be in. I am going to guess that as these were student loans, that your sons are both well above the age of legal adulthood in your state. If that is the case, then the answer is no, you may not. A term policy to cover the cost of the loan is a good idea, and I'd suggest that you ask both sons to agree to have policies. If they decide not to, can you look into refinancing the loan and reducing the payments to a point where the son could afford to pay it? ( Or ease your burden?) That may also be an option. If I can help in any way, please don't hesitate to contact me. Thanks for asking!
    Answered on May 13, 2014
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