I am remarried and want to change my life insurance benficia

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Posted: Wed Mar 10, 2010 9:13 pm Post subject: I am remarried and want to change my life insurance benficia

I am remarried and want to change my life insurance benficiary to my current wife. I have a divorce settlement that requires me to designate my ex-wife as the beneficary. Does the policy beneficiary trump the older divorce settlement, IF my ex-wife won't agree to addend our agreement?

kearabino

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Posted: Thu Mar 11, 2010 3:18 am Post subject:

The insurance company will pay whomever you list as the beneficiary. Your ex-wife could then pursue your current wife for the funds she is legally entitled to under the divorce decree, or become a creditor of your estate--that's the more likely scenario. Best bet is to go back to the attorney and begin the negotiation process. If the ex won't budge, a new policy will be needed if you want coverage for your current wife. You should also sit down with an estate planning attorney in the near future. Divorce and remarriage creates all sorts of fun twists in your estate.

BNTRS

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Posted: Sun Mar 14, 2010 5:58 am Post subject:

Divorce and remarriage also creates all sorts of fun twists in policy service! _________________ High Risk Life Insurance Quotes

dgoldenz

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Posted: Wed Mar 24, 2010 3:26 am Post subject:

Good info folks. Don't forget, that in most divorce situations, the court will require that the ex be named as an "irrevocable" beneficiary until a certain point, usually if there are kids in the house and until they reach a certain age or college is done. Irrevocable beneficiaries are a pain in the rear. The owner of the contract now has his you-know-what's in a jar on the shelf as his power over the contract has pretty much vanished. Nothing much can be done without the irrevocable beneficiaries authority in writing. You can't borrow from the contract, surrender, assign, change beneficiaries, pretty much not a darn thing. So...is she irrevocable? InsTeacher

InsTeacher

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Posted: Wed Mar 24, 2010 4:22 am Post subject:

And don't forget that many states require that an irrevocable beneficiary under court order must provide the insurer with a copy of the court order and their mailing address so the insurer can notify the beneficiary in the event the policy is in danger of lapsing. Gives the beneficiary the right to pay the premium to keep the policy in force, protecting their interest in the death benefit, and then they can turn around and sue the premium payor in civil court. _________________ CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers.