If you get a divorce from your spouse and you have an exizti

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PostPosted: Thu Jul 09, 2009 1:58 am   Post subject: If you get a divorce from your spouse and you have an exizti  

Can a divorced couple keep an existing insurance policy

on her ex if she pays the premium? He is listed as the owner.


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PostPosted: Thu Jul 09, 2009 7:07 am   Post subject:   

Are we discussing about a life policy here?



From your post it seems as if she is asked by the court to maintain a policy on her ex-husband, is that so? If it has been mandated by the divorce court then, 'yeah' she needs to maintain it, otherwise, it'd simply be her choice. But either way she can have a policy listing the husband as owner.

jeorge
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PostPosted: Thu Jul 09, 2009 8:49 am   Post subject:   

Yes, she could do it if there's any legal obligation (if it's a court order as jeorge has mentioned). In that case she has an insurable interest on his life. Now, is it possible for her to get in touch with any experienced life insurance agent regarding this?



Steven

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PostPosted: Thu Jul 09, 2009 10:50 am   Post subject:   

The answer to the question is "yes".



Insurable interest has nothing to do with this and it doesn't appear as if you understand this concept.



1) Insurable interest must exist at the time the policy is issued. It doesn't have to remain to keep the policy.



2) The husband is the owner and the husband is the insured in this policy. One always has insurable interest in their own life. Insurable interest needs to exist between the owner and the insured and not the insured and the beneficiary.



Why would the wife continue paying the premium? If he decides to change the beneficiary to his girlfriend, she would never know.

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