Becoming Debt Free in 2009

March 6, 2009

Help Need Advice

Filed under: Random — ambercouric @ 11:11 am

My dad just called and asked for my SS#.  He has to update our life insurance policies (I had no idea he had a life insurance policy on me).  Anyway, he bought the poicy years before it required a SS#.  Now he wants me to give him my number.  I completely trust my dad.  BUT he recently married a lady who has been married 5 times and is just a few years older than I am.  She married him for his money (my opinion only) but I just don’t trust my SS# in her hands.

So, what should I do?  My husband said he can either cancel the policy or give it to us and let us handle it.  I don’t really want to cause problems but I really don’t TRUST this women.

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10 Comments »

  1. My Mom has my # and I don’t even trust her with it! LOL! She is horrible with money. But she obtained it when I was a teen. What can I do?! Least no harm has been caused. Of course, this is family.

    I have to agree with your husband on the two request. Especially letting you two handle it. If the company has survived this long without your social security #. I don’t see why they can’t wait longer. If something happens and they need to verify the social, then at that time they can accomplish that task through a family member.

    I would feel the same as you, new wife and 5 times! And you think she married for money. Definitely don’t play in the hands of evil. Okay, maybe not evil… but you know what I mean. 😉

    Comment by Money Funk — March 6, 2009 @ 12:25 pm

  2. This is odd, I have policies on all our children or I did. When the child turns 21 or graduates college they become automatic owners of the policy. Evidently, there is a law on this. I am okay with this and have transferred the first policy already to DD1.

    So, I question this reason. Maybe so you don’t hurt your dad, you could ask him the name of the company holding the policy and give them a call personally. Let them know your concerns and see if there is another way around this. Possibly helping your dad and protecting yourself all at the same time.

    Comment by Dedicated — March 6, 2009 @ 12:28 pm

  3. I am in HR. So I e-mailed our life insurance rep just to verify the answer I was pretty sure of.

    No life insurance company should absolutely require the SS# of your beneficiary. It is just one of several ways they can verify your identity if they have to pay out a claim to you.

    I would do as some others have said, and ask your dad if you can contact his insurance company on your own and ask them if you can verify yourself on his policy some other way or if you can give them your SS# directly, if you are okay with that.

    Comment by cheryl — March 6, 2009 @ 1:20 pm

  4. Insurance companies do not need it. No policy gets rejected because a named beneficiary does not have an SSN listed. Same goes for 401k plans and IRA. They do it for tax witholding purposes at financial institutions, but hopefully your father will outlive the need for life insurance.

    My parents are aged and their kids all have finished college, bought their own cars and homes. Life insurance is sort of pointless for them because they’re really old now. They could save the monthly premium money to live better now.

    Do you need life insurance? (I just stopped by here I know nothing about you.) I am in my 30’s with no kids or dependents. I only keep some through work so that my folks will have some extra money for their retirement, but other than that, I don’t need a policy.

    You could just take over management of the policy too. That seems reasonable if you still want insurance.

    Comment by mapgirl — March 6, 2009 @ 2:07 pm

  5. I thought you couldn’t just buy a life insurance policy on someone without their consent?

    Comment by dogatemyfinances — March 6, 2009 @ 8:15 pm

  6. Perhaps you could offer to take it off his hands and relieve him of the administrative obligation. Alternatively, you could contact the insurer yourself and provide the information.

    Comment by Money Minder — March 6, 2009 @ 10:05 pm

  7. @dogatemyfinances – you can buy insurance for minor children without their consent. Many parents buy policies for their children. I bought a policy for my son when he was about 5 months old.

    Were it me, I’d deal with the issue myself under the guise of “helping” your dad. Having said that, I don’t believe I’ve ever been asked for my son’s SS# for his policy.

    Comment by SimplyForties — March 6, 2009 @ 10:20 pm

  8. contact the company yourself and listen to your instincts about not trusting this woman, I had listened to my instincts in a similar situation my Dad would not have lost all his life savings. I’m curious why he would need to have a life insurance policy on you though?

    Comment by Louise — March 7, 2009 @ 4:36 am

  9. Thanks to all of you for your input. My dad took out this policy when I was a young child. He has policies on my sisters also. I don’t need the insurance and I recommended to him to cancel it and get whatever money he could. We have plenty of life insurance on me. I pretty much also told my dad I didn’t want anyone having my SS#. I also made a point to tell him and his wife that I check my credit report often. Although I trust him like I said I don’t trust her. One more note – my dad still hasn’t told me he married this women. I only know because my sister told me. Weird family I know.

    Comment by ambercouric — March 7, 2009 @ 9:12 pm

  10. What an awful situation to be in. For your father’s sake I hope your instincts are wrong. Oddly I had a dream last night that my mom married her new boyfriend! I think your suggestion to cancel the policy is a wise one, I hope he takes it.

    Comment by Miss M — March 8, 2009 @ 11:24 am


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