by vicious.96 » Fri Sep 25, 2009 11:36 am
my husband recently found out he has a 12 year old son,he has added his son on his benefficiary to recieve 50% of his life insurane,and i am to recieve the other 50%.he is not realizing that out of my 50%,all of his depts has got to be paid.im worried that there may not be enough to do what i am responsable to do.can he legally do this without my consent.what are my rights as his spouse?i dont think it is fair for his son to have such a high percentage of our life insurance,we also have three other kids that are mine who is not getting anything,not fair...what can i do?
Posted: Tue Sep 29, 2009 04:49 am Post Subject: insurance
OHH!! Ok..I get it!! I do have to admit I was getting a bit confused on the 'owner, insured, Beneficiary' thing. I have a 401(K) at work. they need a POA/Benficiary' thing on it. Now....my employment is the Owner. I am the Insured. My son and good friend are the Beneficiaries. Is THIS, on the 'right track' of what you mean (or..do 401(K)'s even 'apply' here?).
Posted: Tue Sep 29, 2009 10:51 am Post Subject:
Hi vicious96
Are you working? Maybe you could try and save some money for your kids or better still buy a policy in your name and add your kids as beneficiary. I'm sure your husband has some financial plans for your kids too. Maybe a decent conversation with him would help you understand his plans better.
Posted: Wed Sep 30, 2009 01:23 am Post Subject:
OHH!! Ok..I get it!! I do have to admit I was getting a bit confused on the 'owner, insured, Beneficiary' thing. I have a 401(K) at work. they need a POA/Benficiary' thing on it. Now....my employment is the Owner. I am the Insured. My son and good friend are the Beneficiaries. Is THIS, on the 'right track' of what you mean (or..do 401(K)'s even 'apply' here?).
401(k)s don't apply. I'm strictly talking about insurance.
Owner: Person who gets to make all decisions.
Insured: Person whose life is being insured.
Beneficiary: Person who collects the benefit at death.
Posted: Wed Nov 11, 2009 08:09 am Post Subject:
vicious, i also believe that your husband's naming his 'newfound' son as beneficiary of 50% of his insurance is his way of making it up to him. i don't think this is in any way unfair. his son deserves this. and your husband has all the freedom to do this since he is the owner.
i also agree that the only way for you to settle whatever ill feelings you have about this issue is to talk to your husband. tell him how leaving you with only 50% doesn't make you feel secure enough about the future in case something happens to him. then you two might consider getting another insurance.
Posted: Wed Nov 11, 2009 10:48 pm Post Subject:
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.
Posted: Thu Nov 12, 2009 06:31 am Post Subject:
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.
Posted: Mon Nov 16, 2009 12:21 am Post Subject:
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!
Posted: Mon Nov 30, 2009 09:50 pm Post Subject:
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.
Posted: Thu Mar 17, 2011 03:01 am Post Subject: business right not in wifes name has adult child
My husband owns a small business in indiana what rights do i have as his wife if he should pass he has one child
Posted: Thu Mar 17, 2011 03:05 am Post Subject: estate laws
no will have a small business adult son from a previous marrage what right do I the cuurent wife have in case of death?
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