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 Posted: Wed Nov 11, 2009 10:48 pm Post subject: |
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vicious96, think of it this way. If he wanted to he could always cancel the policy outright couldn't he? No one would have the right to stop him, nor should they. What you may or may not get in the event of a claim is not relevant.
If you want to ensure that your interests are protected, you could take a policy out on him and pay the premiums for it as has been suggested above.
Actually depending on the individual circumstances, life insurance is about the best "bang for your buck" insurance you can get. Even a very small monthly premium can secure a substantial level of cover. I wasn't being kidding when I said you could consider taking out a policy on him - it 's legitimately a good idea and you might be surprised how much cover you can get for a modest premium.
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heidrek
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| Posted: Thu Nov 12, 2009 6:31 am Post subject: |
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| Quote: | | If you want to ensure that your interests are protected, you could take a policy out on him and pay the premiums for it as has been suggested above. |
That's certainly a good idea. But then again, she'd need to discuss it with her husband. Her husband should see the reason how in order to do justice with one child he might just end up doing injustice with his other children.
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anonymous00
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| Posted: Mon Nov 16, 2009 12:21 am Post subject: |
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sure anon, ideally there would be plenty of clear and open communication going one to makes sure everyones motives were clearly established.
Marriage and relationships are about more than just money and financial security, but sometimes those things tend to dominate other concerns!
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heidrek
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| Posted: Mon Nov 30, 2009 9:50 pm Post subject: |
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One comment about Texas (or any other community property state) and community property and life insurance.
No community property state laws prevent the owner of life insurance from naming any one or any thing as their beneficiary. Retirement accounts (IRAs, 401(k)s, defined benefit plans, etc) are the subject of federal law, not state law, and different rules apply.
If your proposition were true, the married business owner who takes a policy on his business partner would have to make his own wife the beneficiary, instead of himself or his business. This is absurd.
Enough said.
All other posts indicating the potential need for additional insurance are probably be correct. If the husband won't apply for it in his own right, the wife, with his cooperation, may do so in hers. In Texas or anywhere else in the world.
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MaxHerr
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