by sweetmissyj » Tue Mar 24, 2009 07:41 pm
We have been divorced for almost a year. How do I cancel current policy with ex wife?She is the policy holder.Insurance co. said I can't change it .What can I do to get this cancelled?
Posted: Sun Apr 05, 2009 08:07 pm Post Subject:
"If SHE is the policy holder and YOU are the "Primary Insured", that means if something happens to her, YOU will get her Insurance policy..NOT the other way around. ForExample: If I had a Life Insurance policy and I had a "Primary" name on the policy, that means if something happened to me, the "Primary" person would get the money."
You are definitely confused. Let me try to make this easy. There are three parties to a life insurance contract:
1) Owner (synonymous with policy holder): Makes all policy decisions
2) Insured: The person who's life is being insured.
3) Beneficiary: The person who gets the proceeds.
In this case:
1) Owner: Ex wife
2) Insured: The question poster
3) Beneficiary: Ex wife's sister
If his ex-wife dies, nothing gets paid out on this policy at that time.
If his ex-wife sister dies, nothing gets paid out on this policy at this time.
If the question poster dies, his ex-wife's sister gets $400,000.
Posted: Mon Apr 06, 2009 01:53 am Post Subject: insurance
1) Owner (synonymous with policy holder): Makes all policy decisions
I am the owner of my Life Insurance policy.2) Insured: The person who's life is being insured
I'm not insuring anyone.3) Beneficiary: The person who gets the proceeds.
My best friend (Primary) and my son (Secondary). How am I confused?Posted: Mon Apr 06, 2009 02:04 am Post Subject:
Quote:
1) Owner (synonymous with policy holder): Makes all policy decisions
I am the owner of my Life Insurance policy.Quote:
2) Insured: The person who's life is being insured
I'm not insuring anyone.Quote:
3) Beneficiary: The person who gets the proceeds.
My best friend (Primary) and my son (Secondary). How am I confused?
In your case, you are both the owner and the insured. If you die, your best friend gets everything.
Posted: Mon Apr 06, 2009 02:06 am Post Subject: insurance
Ok..makes sense, now. Actually...my best friend gets 50% and my son gets 50%.
Posted: Mon Apr 06, 2009 02:10 am Post Subject:
If your best friend is primary and your son is secondary, at your death, your best friend gets everything and your son gets nothing. The only way that your son gets anything is if your friend dies before you.
Posted: Mon Apr 06, 2009 06:15 am Post Subject:
The only way that your son gets anything is if your friend dies before you.
Or if you want to change the beneficiary and put your son as primary. Not as easy as it sounds though. Needs paper works and quite a few phone calls or visits to the insurance company. All the best :)
Posted: Mon Apr 06, 2009 09:51 am Post Subject:
Or if you want to change the beneficiary and put your son as primary. Not as easy as it sounds though. Needs paper works and quite a few phone calls or visits to the insurance company. All the best
It's easier than it sounds. It doesn't take phone calls or visits. It takes the filling out of one piece of paper that takes about 60 seconds.
Posted: Mon Apr 06, 2009 10:01 am Post Subject:
this is really a big topic all together.let us find out the truth about it.
sweetmissyj can u tell us who is the owner of the policy? who is beneficiary and who has paid for the premiums.? :wink:
Posted: Mon Apr 06, 2009 02:11 pm Post Subject: cancel life insurance policy with ex wife
Ex wife is owner and guess ahe has been paying premiums.After divorce she made her sister beneficiary.She made herself owner in '07 so I requested copies of everything with "my" signature.To prove that I did authorize this change.
Posted: Mon Apr 06, 2009 07:27 pm Post Subject:
sweetmissyj,
what you have stated above, concludes, you have no connection with the policy at all(and also no right to make any changes to it) except when she will undergo any misfortune. Then only your connection gets established, that too if you have not signed anything wrong agrrement with your attorney on your divorse.
Secondly, if she has replaced you with her sister means, you are nowhere on the policy long away. And if you had invested for the policy then you can only 'Try' a court judgement (If the information true as stated above)
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