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Can the insured cancel a life insurance policy under any circumstances?

this is a weird situation. I have a cousin who took out $750K on my life, and the money goes to charity when I die. I am the insured, he is the owner. However, he thought the policy would reach somewhere in the range of 3 million but that's not the case. He is trying to sue NY life but it was never a guarantee it would reach that amount. He is mad I am not helping him fight this as he never got anything in writing about 3 million as it states interest rates change. So now he is threatening me and changing the owner to someone he has never met who has no interest in the policy. I don't want to be part of this anymore, but I don't think with me being just the insured now I have no rights? If I had ever known this would have caused so many problems I would have never done it. By the way he has gone through 3 attorneys who have all told me he won't win.

   








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Can the insured cancel a life insurance policy under any circumstances?
this is a weird situation. I have a cousin who took out $750K on my life, and the money goes to charity when I die. I am the insured, he is the owner. However, he thought the policy would reach somewhere in the range of 3 million but that's not the case. He is trying to sue NY life but it was never a guarantee it would reach that amount. He is mad I am not helping him fight this as he never got anything in writing about 3 million as it states interest rates change. So now he is threatening me and changing the owner to someone he has never met who has no interest in the policy. I don't want to be part of this anymore, but I don't think with me being just the insured now I have no rights? If I had ever known this would have caused so many problems I would have never done it. By the way he has gone through 3 attorneys who have all told me he won't win.


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Can the insured cancel a life insurance policy under any circumstances?
this is a weird situation. I have a cousin who took out $750K on my life, and the money goes to charity when I die. I am the insured, he is the owner. However, he thought the policy would reach somewhere in the range of 3 million but that's not the case. He is trying to sue NY life but it was never a guarantee it would reach that amount. He is mad I am not helping him fight this as he never got anything in writing about 3 million as it states interest rates change. So now he is threatening me and changing the owner to someone he has never met who has no interest in the policy. I don't want to be part of this anymore, but I don't think with me being just the insured now I have no rights? If I had ever known this would have caused so many problems I would have never done it. By the way he has gone through 3 attorneys who have all told me he won't win.


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Can the insured cancel a life insurance policy under any circumstances?
this is a weird situation. I have a cousin who took out $750K on my life, and the money goes to charity when I die. I am the insured, he is the owner. However, he thought the policy would reach somewhere in the range of 3 million but that's not the case. He is trying to sue NY life but it was never a guarantee it would reach that amount. He is mad I am not helping him fight this as he never got anything in writing about 3 million as it states interest rates change. So now he is threatening me and changing the owner to someone he has never met who has no interest in the policy. I don't want to be part of this anymore, but I don't think with me being just the insured now I have no rights? If I had ever known this would have caused so many problems I would have never done it. By the way he has gone through 3 attorneys who have all told me he won't win.