by Guest » Fri Jun 04, 2010 11:17 pm
A member of my family divorced his wife a few years ago and in the divorce decree they both agreed to maintain life insurance policies for ten years naming each other as beneficiaries. His ex-wife recently and suddenly passed away and it has emerged that she stopped paying her premiums over a year ago and the policy has, of course, lapsed. Does he have any recourse in this situation?
Would the answer be different if it turns out the ex-wife and her secretary were intentionally lying to and stealing from my relative?
Would the answer be different if it turns out the ex-wife and her secretary were intentionally lying to and stealing from my relative?
Posted: Sat Dec 24, 2011 09:25 pm Post Subject: ex wife -life insurance
In the divorce decree it states husband shall mantaine a 500,000 life insurance policy naming ex wife as the beneficary until further ordered by the court. As I am growing older I dont think I will be reinsurable at 72 years old and if I was insurable the premiums would be unaffordable. If my policy expires and I dont renew and I die can she sue my estate and possible get the assetts, including the house from my present wife.
Posted: Sun Dec 25, 2011 08:41 pm Post Subject:
You can always petition the court to release you from the order. Check with your attorney about the process involved.
You could purchase a "Guaranteed Universal Life" (GUL) policy to cover your situation. The premiums will not be inexpensive, but as long as you don't miss one during your remaining lifetime, the guarantee will provide the death benefit, even if your policy has no cash value to support the actual Cost Of Insurance required each month. Miss one payment, and you could lose both the guarantee and the policy.
Posted: Fri Mar 09, 2012 11:31 pm Post Subject: SELFISH WITCH ,I MEAN.......
X-WIFE OF 20 PLUS YEARS WAS NAMED BENIF. ON LIFE INS. TAKEN OUT IN 1983 IN IDAHO MY FATHER DIVORCED IN 1986 KEEPING POLICY IN EFFECT UNTIL HIS DEATH INJULY 2011. LIVED & DIED IN CA, POLICY NEVER WAS CHANGED TO HIS ONLY LIVING HEIRS 3 DAUGHTERS. HE BECAME TO SICK IN THE END TO DO SO,DOES X- WIFE HAVE LEG TO STAND ON. SHE CLAIMS SHE WANTS IT ALL. LOL
Posted: Sat Mar 10, 2012 01:38 am Post Subject:
If the contract is interpreted under CA law, the ex-wife will retain her status as beneficiary. The law was changed about ten years ago to strip an ex-spouse of beneficial interest in nonprobate assets (such as life insurance). But the new law only affects divorces that occurred after 2000 or 2001. It's in the Probate Code, not the Insurance Code.
So there's no LOL on your part, unless you are the ex-spouse. Because only the named beneficiary of record will be able to collect the death benefit.
This is one of the most frequent problems we have reported here. And the answer is usually the same -- the last named beneficiary of record is the winner. Even if it was written by the policyowner and last recorded by the insurer more than 25 years ago.
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