Can my ex husband keep a life insurance policy on me
SEE VIDEO BY TOPIC: Can I Cash Out My Term Life Insurance Policy? - Quotacy Q&A FridaysContent:
- Who wins under the law — a beneficiary on a life insurance policy or on a divorce decree?
- Divorce And Life Insurance
- What happens to a life insurance policy after a divorce?
- Life insurance strategies during divorce
- How to Purchase Life Insurance on an Ex-Spouse
- How Life Insurance Works in a Divorce
- Life Insurance After Divorce
- Life Insurance and Divorce: A Complete Guide
Who wins under the law — a beneficiary on a life insurance policy or on a divorce decree?
My wife and I are obtaining a divorce. We took out a life insurance policy on me that covers her and our two children. Although we are divorcing, she wants to continue to pay to maintain the policy on me. Is that legal? Yes, it is legal for your soon-to-be ex-wife to continue a life insurance policy on you, even after divorce, provided that she is the owner of the policy. The owner is the only one authorized to make changes, pay premiums, etc.
You can find out who the owner is by looking at the original application attached to the back of your policy. If she is the owner, she pretty much can do whatever she wants. However, if you -- the person who is insured -- also are the policy owner, then it's up to you whether or not to keep the policy.
She can maintain the policy only if you are willing to transfer ownership to her or if she is able to get a court order in the divorce that would mandate that ownership of the policy be transferred to her. Find the best life insurance rates in your area. To ask a question of the Insurance Adviser, go to the" Ask the Experts " page and select "Insurance" from the drop-down box.
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Divorce And Life Insurance
We understand that life insurance is just one part of your big financial picture. Browse the topics in this section to get started. Only need coverage for 10 to 30 years?
Survive Divorce is reader-supported. Some links below may be from our sponsors. Sometimes, life insurance as an issue can be overtaken in a divorce by other higher profile and more contentious issues such as child custody, alimony and asset division. However, life insurance is an important part of the discussion, especially when children are involved, because it can provide years of financial protection for those children and for one or both spouses. Working through life insurance as part of a divorce does require some effort, as decisions need to be made about cash value if it exists, who the beneficiaries are going forward, and who will pay for the policy, among other things.
What happens to a life insurance policy after a divorce?
Our content is free because we earn a commission when you click or make a purchase from links on our site. Learn more about how we make money. By far, the 1 reason a woman takes out life insurance on her ex-husband is to protect her alimony income. Since your ex-husband will be the insured, he will need to answer questions about his health and sign an insurance application. In fact, he will not only know about it, but he may have to take a medical exam so the insurance company will make an offer. If you have children together, you might consider putting the children down as beneficiaries on the policy, and tell him so, to get his cooperation. As with any form of breakup, emotions are really high, and for some people, their level of pettiness has no bounds.
Life insurance strategies during divorce
The insured also created a will and designated the trust as the only recipient of her assets, including the life insurance policy on her life. The insured then named her daughter as the trustee. However, the insured never contacted the insurance company requesting a beneficiary change. She never changed the beneficiary. The insurance company gave both parties a chance to agree on a settlement and when a settlement could not be reached, it filed an interpleader a court action.
My wife and I are obtaining a divorce. We took out a life insurance policy on me that covers her and our two children. Although we are divorcing, she wants to continue to pay to maintain the policy on me.
How to Purchase Life Insurance on an Ex-Spouse
My ex-husband had two life insurance policies that named me as the beneficiary when we divorced. I asked that this be retained during his lifetime and the beneficiaries would be our son and daughter. This also was written up in our divorce papers.
The following answers regarding divorce and life insurance policies can help you identify and understand some of the issues that need to be considered during divorce negotiations. In many divorces that include provisions for alimony or child support, it is a common practice to include a stipulation that the supporting spouse should carry a life insurance policy. This can guarantee that the children will still be provided for should the supporting parent die. How long the policy is maintained depends on what the policy was intended for. If it was meant as security for child support, it can be terminated when the dependent children reach the age of majority.
How Life Insurance Works in a Divorce
Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites Advertiser Disclosure : We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers.
Life insurance is often put in place to protect spouses if their partner passes away. After all, they often end up responsible for the funeral costs as well as settling remaining debts, which can be expensive. A partner can also miss out on the remaining earning power of the deceased, and struggle to retire.
Life Insurance After Divorce
In some cases, the court orders that the supporting spouse carry a life insurance policy to provide for the children or guarantee alimony. Marriage and divorce are both common experiences. In Western cultures, roughly 90 percent of people get married before they turn 50 years old. They are also good for children.
Life Insurance and Divorce: A Complete Guide
Among the messy tasks that must be undertaken in a divorce, sorting out life insurance is one that often gets overlooked. In the midst of the custody battles, divvying up assets, searching for a new home, ensuring the children adjust as smoothly as possible and just generally re-acclimating to life as a single person, figuring out what to do with life insurance sometimes falls by the wayside. However, dealing with life insurance is an important part of the divorce process. This is especially true for divorcing couples with children.