insurance

Life insurance policy requires consent

Don Taylorq_v2.gifDear Dr. Don,
How may I find out if a family member has a life insurance policy taken out on me?
-- Mary Muses

a_v2.gifDear Mary,
It's pretty unlikely that a family member would be able to take out a life insurance policy on you without your knowledge. It's typical for the insured (you) to have to provide a signed consent form. One exception to that would be if a parent took out a policy on a minor child.

You should request your consumer file from MIB Group, a membership corporation owned by approximately 470 member insurance companies in the United States and Canada. Here's what the group says about your file on its Web page "Request your MIB Consumer File":

We will not have a consumer file (consumer report information) on you if you have not applied for individually underwritten life, health, or disability income insurance during the preceding seven year period.

The Web page also provides the phone number to contact them for your file. The page goes on to explain the information you'll receive:

Upon receipt of your (a) request for a Record Search and Disclosure, and (b) proper identification, MIB will initiate the disclosure process and provide you with the following:
  • The nature and substance of information, if any, that MIB may have in its consumer files pertaining to you;
  • The name(s) of the MIB member companies, if any, that reported information to MIB; and,
  • The name(s) of the MIB member companies, if any, that received a copy of your MIB consumer file during the twelve (12) month period preceding your request for disclosure.
MIB is committed to the philosophy that every consumer should be entitled to know the contents of his or her consumer file maintained by MIB and has the right to correct any inaccurate or incomplete information in the record.

MIB is a consumer reporting agency like ChexSystems, Experian, Equifax and TransUnion. Like all consumer reporting agencies, they have to provide you with at least one free copy of your consumer report every 12 months upon request. You also have the right to dispute inaccurate information in your MIB report.

Ask the adviser

To ask a question of Dr. Don, go to the "Ask the Experts" page and select one of these topics: "Financing a home," "Saving & Investing" or "Money." Read more Dr. Don columns for additional personal finance advice.
 

Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.

News alert Create a news alert for "insurance"

advertisement

Show Bankrate's community sharing policy
          Connect with us

Compare multiple quotes in just 6 minutes

Get competing rates from top companies including:
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jay MacDonald

Poll: We still don’t get Obamacare

A new poll shows we're still split on Obamacare and remain fuzzy on the details.  ... Read more

advertisement
Partner Center
advertisement

Connect with us