How important is a divorce decree to determine beneficiary?

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PostPosted: Mon Jul 12, 2010 4:19 am   Post subject:   

A court order may have an effect on the right to claim the money, but it cannot force the insurance company to pay the money to someone other than the named beneficiary, if there is one.



Prior to the death of the insured, the person with the court order could take it to the insurance company and ask, "Does the policy match this court order?" If it does not, then the person with the order can march back into court and claim that the order is being violated, which has its own set of legal ramifications.



If an insured fails to follow a court order, subsequently dies, and has not changed a beneficiary designation to match the court order resulting in a payment of policy proceeds to the named, but improperly named, beneficiary, the person with the court order now has a separate claim against the beneficiary who received the money.



While they would probably win the case, collecting the money is a whole different matter.



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PostPosted: Fri Jul 08, 2011 2:21 pm   Post subject: beneficiary rights  

I am the named beneficiary mom they were going through divorce they say now its federal statue because someone tried to claim I know estranged wife so she has been notifed denied but she has a right to appeal till september do I have to wait or can I try to enforce legal binding contract of me beneficiary and get a lawyer or do I have to wait cause I know she will appeal and she also set up a probe he died in an accident.


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PostPosted: Fri Jul 08, 2011 2:36 pm   Post subject: get a lawyer  

the divorce decree section d life insurance policies it says n/a then last page warning this an offial cort order sectin d removing or causing to be removed the other party or children of the parties from any existing insurance coverage' including medical' hospital dental automobile and disabiliti insurance and part e that both parties shall maintain all insurance coverage in full force and effect


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PostPosted: Fri Jul 08, 2011 7:31 pm   Post subject:   

It's difficult to understand your writing and whether you are speaking about a court order or a life insurance contract. Court orders have little effect on a dead person. If the decedent was supposed to have done something according to a court order prior to his/her death and did not, you may have an enforceable claim against that person's estate. A failure to attempt to enforce a court order on your part could also be viewed as a waiver of your rights.



Some states have specific laws that automatically remove a former spouse as a life insurance beneficiary at the moment the divorce is granted. That ex-spouse can be put back on as the beneficiary, but it would require the submission of a new beneficiary statement.



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PostPosted: Thu Jul 21, 2011 9:41 am   Post subject:   

If you are divorced then you cant be beneficiary of the life insurance policy of the spouse.



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PostPosted: Thu Jul 21, 2011 6:31 pm   Post subject:   

Quote:
If you are divorced then you cant be beneficiary of the life insurance policy of the spouse.




This is entirely INCORRECT. Although insurance laws in about 18 states automatically remove a spouse as beneficiary at the moment a divorce is granted, none of those states prohibit the owner of the policy from immediately naming the now ex-spouse as the new beneficiary. The owner has an inviolable right to name anyone as the beneficiary.


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PostPosted: Fri Jul 22, 2011 11:29 am   Post subject: insurance  

(I made a similair comment on a previous post).........I think if a couple gets divorced, the Insurance policy should be 'null and void' for the EX. I've read ALOT on EX's trying to come back and collect money when they have no right too!! Greedy!!..that's what I say!! I've actually know couples who will stay married (not happy at all in their marriage) JUST for the Life Insurance.

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PostPosted: Fri Jul 22, 2011 2:06 pm   Post subject:   

Quote:
the Insurance policy should be 'null and void' for the EX.


This is a misunderstanding of the nature and purpose of life insurance.



The several states that automatically sever an ex-spouse as beneficiary do not prevent the policyowner from renaming that same person as the new beneficiary. It is a personal decision on the part of the policyowner who or what will be the beneficiary. It has little if anything to do with greed.



Now, there are those "greedy" people who believe they should be entitled to money that is left to someone else -- we see those kinds of complaints here all the time. That's an entirely different issue.



Quote:
I've actually know couples who will stay married (not happy at all in their marriage) JUST for the Life Insurance.


If this is true, then there are couples who have no clue as to how their life insurance works. And that would be the fault of their agents and attorneys. This would be the poorest excuse for staying in a marriage that I have ever heard.


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PostPosted: Sat Jul 23, 2011 1:50 am   Post subject:   

Quote:
(I made a similair comment on a previous post).........I think if a couple gets divorced, the Insurance policy should be 'null and void' for the EX. I've read ALOT on EX's trying to come back and collect money when they have no right too!! Greedy!!..that's what I say!! I've actually know couples who will stay married (not happy at all in their marriage) JUST for the Life Insurance.




You're painting everyone with the same brush stroke. Many times life insurance is used after a divorce, in some cases policies that already existed and in others brand new policies are purchased. Ultimately insurable interest is only required at issue. And even after divorce insurable interest still exists. Alimony or child support, care the children, etc. are all reasons to have life insurance on a former spouse that you either own or are named beneficiary on.
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PostPosted: Tue Jun 12, 2012 10:56 pm   Post subject: Life Ins.  

I live in MI. My ex husband and I purchased a life ins. policy some years ago. Since I was the younger of the us it was placed in my name as the owner with him as a rider alonger with the children. I kept the policy and cont to pay on it. He has now passed away. I have submitted the paperwork to the claim department. Now they are requesting the divorce papers along with the settlement. What does this mean. Because we've been divorced, but I own the policy can they refuse to pay


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PostPosted: Wed Jun 13, 2012 2:41 pm   Post subject:   

Your situation is complicated. Michigan law (MCL 700.2801 and MCL 700.2807) automatically revoke the beneficiary interest of ex-spouses in life insurance. As the owner of the policy, regardless of marital status, you may still be entitled to the proceeds.



You should have redesignated yourself as beneficiary following the divorce to prevent this problem. You may want to obtain a consultation from an Estate Planning-Probate attorney for guidance on how to proceed.



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