Can a married man take

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PostPosted: Thu Feb 12, 2009 10:41 pm   Post subject: Can a married man take  

Can a married man take out a Life Insurance Policy on himself for his girlfriend in case of a untimely death. Would his wife have Legal right to make claim on it?

DianaParra
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PostPosted: Fri Feb 13, 2009 5:50 am   Post subject:   

Well, the policy holder can name anyone as the beneficiary of the policy. Therefore, if your husband chooses to name the girlfriend for the benefits, he can do that. Further, if you get divorced from him it too will also affect your beneficiary status. He may remove you from the life policy after the divorce and you can't contest that.



However, in community property states the spouse's consent is required if the policy holder intends to designate someone other than the spouse as the beneficiary of the life policy.



~Jeremy

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PostPosted: Fri Feb 13, 2009 6:00 am   Post subject:   

Quote:
Can a married man take out a Life Insurance Policy on himself for his girlfriend in case of a untimely death.




Yes, if he decides to secure the future of the girl after his death by naming her as the beneficiary of his policy, he can do that.



Quote:
Would his wife have Legal right to make claim on it?




May be! If you still remain his legally married wife at the time of his death, you may get your case heard. However, its never very easy to contest the life policy beneficiary issue. May be you would like to provide us with your state's name so that we can look into the laws.

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PostPosted: Fri Feb 13, 2009 9:23 am   Post subject:   

Jeremy, I don't have much idea of how things happen under such community property states. Would you care to help us understand why the 'spouse' could have a say against the husband's will?


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PostPosted: Fri Feb 13, 2009 3:50 pm   Post subject:   

There is a difference in life insurance policy and will. A policy could be purchased for x amount of dollars and left to the girlfriend. A person has the right to chose their own life in surance beneficiary. Now if it was a will leaving the girlfriend the house the married couple lived in for 20 years and a joint checking it would be another story.

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PostPosted: Sat Feb 14, 2009 6:41 am   Post subject:   

Quote:
Can a married man take out a Life Insurance Policy on himself for his girlfriend in case of a untimely death. Would his wife have Legal right to make claim on it?




Hi Diana



When you say untimely death, what do you mean? However, anyone can name anyone as beneficiary and the wife may have rights over the policy only till the time she is the policy holder's wife. I think an our experts will be able to guide you better.


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PostPosted: Mon Feb 16, 2009 11:12 am   Post subject: insurance  

When my Ex and I seperated, I took him OFF my Life Insurance....it din't matter whether we were married or not. We were divorced 2 years ago, now. Since the time we were seperated ( we were seperated 8 years), my EX tried to 'contest' that I needed to 'add' him back to the Life Insurance. By PA law, I din't have to. His 'fight' never got him anyway.

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PostPosted: Mon Feb 16, 2009 10:56 pm   Post subject:   

This was discussed on another thread. I remember it was posted that you can have anyone be the benficiary. Heck I heard of stories where people left there animals as beneficiary.

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PostPosted: Mon Feb 23, 2009 12:01 am   Post subject:   

Yes, a beneficiary is the only irrevocable judgement a court cannot reverse. If it is reversed, they have to prove that the insured was incompitent and that the beneficiary co orsed them to place them as the beneficiary. This is the reason that you should review your life insurance policy yearly and keep everything up to date. Ex's and all....

FindYourPolicy.com assists with this reminder, not only to store the company name that holds your life insurance policy but also to remind you that you have a life insurance policy to revisit occassionally.

Michael

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PostPosted: Sun Jun 28, 2009 2:25 am   Post subject: for the wife  

But can't the wife sue the girlfirend afterwards, she's the one that will be left with the husbands debts?


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PostPosted: Sun Jun 28, 2009 1:22 pm   Post subject:   

Yes the wife can try to sue the girlfriend afterwards.

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PostPosted: Sun Jun 28, 2009 4:40 pm   Post subject:   

Just throwing in my two cents....

Quote:
But can't the wife sue the girlfriend afterwards,


No.



What would her "legal" cause of action be? My husband didn't love me anymore and wanted to provide for his girlfirend...NOT for what she gave him....but for what she didn't give him!



I can feel the hate mail starting already.



Seriously,... ladies... men don't have affairs because of what they get from the "other" woman......they have affairs because of what they DON'T get from the "other" woman.



Quote:
she's the one that will be left with the husbands debts?


The wife isn't responsible for debt that was in the husband's name alone.

If the wife was a co-borrower then that's a different story.



...and Joe Gandolfo would say...

LINKY.

You should never hold any assets jointly with anyone, including your spouse.

You should never co-sign or guarantee any notes.


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PostPosted: Sun Jun 28, 2009 4:44 pm   Post subject:   

one more penny



Quote:
Yes the wife can try to sue the girlfriend afterwards.


Not in Florida.



Florida Statute 222.13



222.13 Life insurance policies; disposition of proceeds.--



(1) Whenever any person residing in the state shall die leaving insurance on his or her life, the said insurance shall inure exclusively to the benefit of the person for whose use and benefit such insurance is designated in the policy, and the proceeds thereof shall be exempt from the claims of creditors of the insured unless the insurance policy or a valid assignment thereof provides otherwise.


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PostPosted: Sun Jun 28, 2009 5:08 pm   Post subject:   

Hello Gary,



Thank you for that clarification.



Michael

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PostPosted: Mon Aug 31, 2015 3:58 am   Post subject: life insurance policy  

you said community property states the spouses consent is required. is Arizona one of the states.


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