I am a grandparent who owns my 16 year old granddaughter’s policy. I would like to cash this policy in as she is now covered by her parent’s. Can I do this?
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Some states require(check local state requirements) the child's parents to sign off on the policy, but most states allow grandparents to purchase the life insurance without the parents' permission or knowledge. Typically, the grandparents need basic information on the grandchild, such as his address and Social Security number.
Even if the parents had to sign off on getting this policy you should not have any issues. I would call customer service and ask them what is the process to surrender the policy and what if any cash value is available.
There most likely will be a surrender charge meaning if there is any cash value available, it will be reduced by the charge.
The longer the policy is in force, the less the surrender charge will be.
Good luck.