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WA Life Insurance Policy Owner Refuses to Relinquish Policy to Life-Insured?

Discussion in 'Insurance Law Forum' started by Denis, 5 August 2015.

  1. Denis

    Denis Member

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    During a marriage, a spouse held a life insurance policy (The Policy) on her partner's life. After divorce and after child support responsibilities had ceased from the marriage, the spouse (the policy owner) refused to relinquish the policy to her former husband (the life insured) and the policy was overlooked by the life-insured in 'Discovery' for a property trial, however, the policy owner transferred ownership of the policy to her adult daughter.

    Research is clear on 'Who is Eligible to be a Beneficiary' on a Life Insurance Policy (in Australia) and, since neither former spouse and former policy owner, and daughter, the new policy owner, it seems, are eligible to benefit from a Life Policy on the Life Insured, as they are in no way dependent on the Life Insured.

    The Life Insured has informed the policy issuer of an objection to the current policy ownership, but rests on its policy ownership transfer procedures.
     
  2. Amanda E

    Amanda E Well-Known Member

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    Hi Denis,
    Are there further avenues/next-step escalation procedures in the objection process with the life insurance company? The Financial Ombudsman (FOS) may also be able to assist: Resolving Disputes :: Financial Ombudsman Service

    Is the new policy owner the daughter of the insured? And the daughter is in no way dependent on her father (assuming he's the insured)?
     
  3. Denis

    Denis Member

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    Thank you for your help Amanda, The insurance company has only supplied advice on transfer of ownership between consenting parties and remains quiet on(their) objection processes. I will write again to the company and carry out further research as suggested.

    The new owner is indeed the daughter of the Life Insured who is in no way dependent on the life insured.
     
    John R likes this.
  4. anon12345

    anon12345 Member

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    In order to lodge a dispute you must show evidence that the current owner has been contacted and refused to transfer the life insurance, if that is what you want your overall outcome to be.
     

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