Can life insurance be canceled due to divorce?

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PostPosted: Mon Jun 18, 2012 10:20 am   Post subject:   

Max, I greatly appreciate the detailed explanation.



However, you seem to be missing the very basic fact that the law only revokes the beneficiary if the beneficiary is the ex-spouse (or ex-spouse's family).





Quote:
(1) Except as provided by the express terms of a governing instrument, court order, or contract relating to the division of the marital estate made between the divorced individuals before or after the marriage, divorce, or annulment, the divorce or annulment of a marriage does all of the following:



(a) Revokes all of the following that are revocable:



(i) A disposition or appointment of property made by a divorced individual to his or her former spouse in a governing instrument and a disposition or appointment created by law or in a governing instrument to a relative of the divorced individual's former spouse.




When the owner is the beneficiary, the disposition is not to the ex-spouse, so this would not apply.

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PostPosted: Mon Jun 18, 2012 5:53 pm   Post subject:   

Quote:
MI law invades the owner's right to name anyone or anything as beneficiary and revokes or severs the beneficiary's status, regardless of the owner's intent -- UNLESS the designation is IRREVOCABLE, or issues from a lawful court order.




Yes, but it specifically tells us what the law revokes when there is no court order or something isn't irrevocable.



(a) Revokes all of the following that are revocable:



(i) A disposition or appointment of property made by a divorced individual to his or her former spouse in a governing instrument and a disposition or appointment created by law or in a governing instrument to a relative of the divorced individual's former spouse.



Mary owns a policy on Tom. Mary is the beneficiary. They get divorced.

This law would not stop Mary from being the beneficiary on a policy that she owns. However, it could stop Tom from automatically being the policy owner if Mary dies. If Tom owns a policy on Tom, the law would revoke Mary as beneficiary.



When the owner and the beneficiary are the same there is nothing in this law that revokes the beneficiary.

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favmakruj
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PostPosted: Mon Jun 18, 2012 7:36 pm   Post subject:   

Quote:
When the owner and the beneficiary are the same there is nothing in this law that revokes the beneficiary.


You keep making the same point, and I continue to disagree with your interpretation, so this must end here with no resolution.


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PostPosted: Mon Jul 09, 2012 3:55 am   Post subject: How to respond to a demand letter  

I am the beneficiary of several life insurance policies. I have disclaimed, 1 life ins. policy and some stock, in order for the sister of the deceased to collect. Now, her son-in-law, who happens to be an attorney, has sent me a demand letter, saying I need to disclaim the other policies,

because, the sister is the sole beneficiary, and because they are saying that I had taken advantage of a lonely senior, and that I was a care-taker/giver, when that is not the case. The deceased hired me to drive him to do errands, take him to eat, or pick-up prescriptions, etc. Helping him as far as his medical health was concerned, was something that came into play after 5-6 months of being around him. I wasn't just going to disregard his concerns or complaints. As he and I would say,"We are helping each other", I by being paid hourly, and him by someone who really did care about him as a person. God, only knows, that I didn't even know he had a sister, till 6 months into our friendship, and he didn't even have a phone number for her, and when his 1 niece (her daughter) would call sporadically,(the other daughter, the one married to the attorney, never called). He would say,

"Would you have that Mother of your's call me". It wasn't until Mel had been unreachable, for a month or so, (because he had to go to a nursing home, because there was no one to take care of him at home, and his long term care insurance, did not take effect until he had been in a facility for 90 days,that they finally called the local police dept. Until the police contacted me, I had no way to know how to contact his sister. I begged them to come down and be with him but they had excuses, but after he passed, they were right down,(Well the niece and the husband attorney, anyway). So how do I respond to him?


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PostPosted: Mon Jul 09, 2012 8:39 am   Post subject:   

Tell him to go butt a stump. A person may name anyone or anything as their beneficiary. It does not have to be a family member of any kind.



If you were the named beneficiary, and there is no evidence of coercion on your/anyone's part in being named a beneficiary, the court cannot overturn the beneficiary's entitlement to the proceeds.



Disclaiming one policy does not mean you must disclaim all. That's a personal matter for you, not the court and not some attorney whose spouse would have something to gain as the result.


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PostPosted: Tue Jan 08, 2013 3:19 am   Post subject: Law in Ky  

Does anyone know what the law is in KY when you get a divorce does the ex get taken off policy as beneficiary if you are the owner of the policy?

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PostPosted: Wed Oct 16, 2013 1:03 pm   Post subject:   

It does not appear that Kentucky has enacted such a law. Next door, the State of Ohio has.



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PostPosted: Mon Jul 28, 2014 9:19 pm   Post subject: wisconsin law life insurance  

Is Wisconsin one of the states where all beneficiary designations of life insurance are null and void once a divorce is finalized?


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PostPosted: Thu Jul 31, 2014 7:54 pm   Post subject:   

Wisconsin is one of the several community property states, and I believe it has adopted the termination of spouse as beneficiary rule that many other states have. As community property, there are other remedies available before a divorce becomes final when it comes to dividing the property.



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PostPosted: Fri Oct 05, 2018 9:58 pm   Post subject: Nope  

Only if the premiums aren't being paid

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PostPosted: Fri Oct 05, 2018 9:58 pm   Post subject: Nope  

Only if the premiums aren't being paid

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