Can I buy a life insurance on my ex-wife?

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PostPosted: Mon Jul 27, 2009 7:07 pm   Post subject: Can I buy a life insurance on my ex-wife?  

She and I have been divorced almost 20 yrs but she seems to be on a crash course with fate. I'd like to have a policy in place where if the unthinkable eventually happens our son can benefit from it. I don't want her to know about it as it may give her an incentive to live.


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PostPosted: Tue Jul 28, 2009 6:43 am   Post subject:   

In order to have life insurance on someone else, you'd need to have insurable interest upon that person's life. Do you know what this 'insurable interest' means?


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PostPosted: Wed Jul 29, 2009 7:05 am   Post subject:   

Quote:
I don't want her to know about it as it may give her an incentive to live.




Whoa!! Anyway, this ain't happening. It's not possible to take out a life insurance policy on others names without their knowledge. And, if you try something of that sort, remember that you would be performing scam.



How old is your son? I'm sure there are other ways to benefit him than profiting from his mother's death.
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PostPosted: Thu Aug 06, 2009 11:58 am   Post subject:   

I have a carrier that will insure someone without their knowledge. It is more expensive, but it is possible.



If you are interested feel free to e-mail me at brad @ brookfieldpartners.com



PS. for those agents that thought it wasn't possible...I own a brokerage firm, and have worked with agents to insure this risk.

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PostPosted: Thu Aug 06, 2009 3:16 pm   Post subject:   

Quote:
I have a carrier that will insure someone without their knowledge. It is more expensive, but it is possible.




Is that legal?


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PostPosted: Thu Aug 06, 2009 4:46 pm   Post subject:   

Of course it's legal. The insurer requires an agreement in place for divorce. From that, it shows a form of insurable interest.



Also, no medical exam is needed to complete.



It is most similar to a one year term policy, except that the policy is underwritten annually. But it is doable, it is just more expensive over the long run.



Most agents think this is not right because your average carrier doesn't insure this risk, and that's what you learn when you start in the business.....doesn't mean it's not possible.



If you know someone that may be a fit, let me know. I own a brokerage general agency, and we work with insurance agents. We work a lot with specialized risks, and this is one of them. In my opinion it is better off getting a fully underwritten contract, but it is not neccessary. Some cases you can't, and this may be one of them.



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PostPosted: Fri Aug 07, 2009 4:49 am   Post subject:   

That's interesting. I worked along side some very "creative" agents before. Never came across this though.



What about a situation where a guy wants to leave money to his mistress? I've been told that the wife will always end up with the money. It sounds like your policy could work for that too. No?



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PostPosted: Fri Aug 07, 2009 4:58 am   Post subject:   

Hi brook field partners..would you list or explain some of the specialized risks that you've mentioned above?

Pinkfloydfan


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PostPosted: Fri Aug 07, 2009 5:12 am   Post subject:   

Quote:
I worked along side some very "creative" agents before.




Creative??? In what sense? Steven
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PostPosted: Fri Aug 07, 2009 7:12 am   Post subject:   

Quote:
I have a carrier that will insure someone without their knowledge. It is more expensive, but it is possible.


OMG...totally that's illegal!


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PostPosted: Fri Aug 07, 2009 11:23 am   Post subject:   

Quote:
I've been told that the wife will always end up with the money. It sounds like your policy could work for that too. No?
That's certainly not true, if you named the mistress as the beneficary, the poor wife can't do a thing about it..

Quote:
OMG...totally that's illegal!
Choco, what exactly are you basing that knowledge on? He's explained to you that it's not, and I doubt he would post it for the world wide web to read if he thought he could get busted for it.


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PostPosted: Fri Aug 07, 2009 1:55 pm   Post subject:   

I don't know about the legalities. However, since the wife isn't signing anything, it has to be close to a guaranteed issue policy. This is because the insurance company won't be able to get any medical information to find out about her health. This will make the policy extremely expensive and a really bad financial move unless the spouse is dying.

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PostPosted: Sun Aug 09, 2009 1:30 am   Post subject: insurance  

OMG!!...I read the entire thread. This ALMOST seems like the OP wants to do things 'under the table', so to speak. Of course, you're able to insure anyone you please....but, why an EX? I know you're concerned about your son,so...why not put your son on a Life Insurance policy, instead of your EX? Seems to me (personal opionion, of course,..) that you STILL want to be 'accountable' for your EX. ..still want to 'provide' for her, etc.

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PostPosted: Mon Aug 10, 2009 12:50 pm   Post subject:   

SDCharger, you are not able to insure anyone you please. There must be an insurable interest between the owner and the insured.

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PostPosted: Mon Aug 10, 2009 10:03 pm   Post subject:   

Quote:
That's certainly not true, if you named the mistress as the beneficary, the poor wife can't do a thing about it..




Maybe it's just here in California, but more than one 20+ year agent has spoken about it happening here.



I really don't know though.


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