Gerber life insurance

Asked over 1 year ago - Marion, NC

My grandfather took out a gerber life insurance policy on me when i was about two years old, he passed away and my grandma became the holder of it, okay well she passed away to and now my aunt has the policy and i'm 21 now and it doubled to 20 thousand dollars, what do i have to do to get the money from gerber?

Attorney answers (3)

  1. Steven M Zelinger

    Pro

    Contributor Level 20

    2

    Lawyers agree

    Answered . For one thing, it depends on the who the policy owner is, who the insured life is (sounds like it's yours) and who the beneficiary is. Some of those policies are based on the life of the "child" so it pays the parents if the child dies (you're out of luck). Some of those policies have cash value that can be taken out but who is entitled to take those funds depends on the specific policy. Therefore you need to speak to your family member to see if you have any rights to any of those funds.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more
  2. David J. McCormick

    Contributor Level 20

    1

    Lawyer agrees

    Answered . I agree, you need to read the policy because most Gerber policies only insure the child’s life. Since you didn’t die then you would not be able to collect anything. Ask your aunt to see the policy and find out what it pays and who the beneficiary is.

    Good luck.

    DISCLAIMER: David J. McCormick is licensed to practice law in the State of Wisconsin and this answer is being... more
  3. Jeffrey Bruce Gold

    Pro

    Contributor Level 19

    1

    Lawyer agrees

    Answered . It depends on the terms of the policy. Some of these policies do acquire a cash value that you can cash in. Others pay out only on your death.

    If you'd like to discuss, please feel free to call. Jeff Gold Gold, Benes, LLP 1854 Bellmore Ave Bellmore,... more

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