1. the named insured is required to sign the application for any insurance purchased for them.
2. the parent/guardian of a minor named insured can apply for a policy, but suitability dictates that the parent have at least the same amount of coverage on themselves as they do on their children.
3. policy ownership does not automatically transfer to a minor once the turn 18, but typically those policies are assigned at some point (graduation/marriage/home purchase).
4. parents only have to show insurable interest at the time of purchase, and never have to assign the policy to a minor or change the beneficiary.
Walmart has been challenged on their process of taking out life insurance on employees, but key person insurance is used across all industries to protect a business from losing someone vital to operations.
@Fat I would definitely talk to them. If you are willing to assume any premium payments on the policy, I don't see why the wouldn't assign the policy to your wife. Have they co-signed on any loans for you guys, or would they be responsible for children if something happened to her? If not, then they don't really need a policy on her any more.
-----signature-----
Espiritu - SWTOR (retired)
Espiritu (MajorMUD, UO, DAoC, SB, FFXI, WoW, WAR, Travian, SC2, SWTOR)
