absolutly nothing

wifes cousin is gonna take the kids if we croak. theres mortgage insurance if one or both of us croak. and we do not owe them a penny.

the wife is 28 now. she has brought it up to her mother. but her mom is a nutjob and thinks its an insult to transfer the policy away from her

As a policy owner, your mother-in-law might have left the dividends to accumulate in the contract. Perhaps you could propose her withdrawing her dividends prior to assigning it over? If she still isn't interested, well then you really can't consider this policy as part of your life insurance program.


If you guys apply for new life insurance, you will be asked about all existing coverage. You could bring up the policy on your wife, but say you don't know anything about it. A good agent will ask if you can get a copy of the policy (which he should have for your needs analysis). This could at least get a copy of the policy in your hands.

 

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