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 informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/
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.
DISCLAIMER: David J. McCormick is licensed to practice law in the State of Wisconsin and this answer is being provided for informational purposes only because the laws of your jurisdiction may differ. This answer based on general legal principles and is not intended for the purpose of providing specific legal advice or opinions. Under no circumstances does this answer constitute the establishment of an attorney-client relationship.
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, NY 11710 Telephone -516.512.6333 Email - Jgold@goldbenes.com