Revocable and irrevocable life insurance

by joven222 » Tue Jan 16, 2007 09:28 pm

Hello!!

I believe you have heard about revocable and irrevocable life insurance policy.

Can any one explain what are revocable and irrevocable life insurance policies? How these two differ from one another and what are the advantages and disadvantages of each one.

If you can include where these two life insurances are applicable, feel free to do so.

Thanks a lot!!

Total Comments: 40

Posted: Mon Jul 04, 2011 06:23 am Post Subject:

If you meant to write IRREVOCABLE . . . it means what it says -- it cannot be changed without the consent of the person whose right is irrevocable.

Posted: Fri Aug 24, 2012 06:14 pm Post Subject: a wife as beneficiary

A woman above asked if her ill husband can change her as beneficiary...and someone else responded in a sarcastic manner to assume the wife was only concerned with money...

Let me set that person straight...fyi...men will leave their wife emotionally w/o any warning...a woman who puts many years in a marriage can wake up one day with a stranger...i have seen it many times....when a man ages,,,he starts wanting younger women but becomes angry when he realizes a younger woman does not want him...

To criticize a woman who you do not know is shameful.you have no idea what her life is like or has been during her marriage...i watched a husband of forty years change into someone i did not know and find myself worried about these same issues...i stayed behind the scenes so he could have the good career,,never having to worry about how much he was away from home working, which he loved to do by the way, always keeping thehome going smoothly, he and his kids cared for and managed to keep my appearance and good looks...i worked when i could, but his jobs took priority....i learned he even stole my money that could have gone in my 401k, but he sneakily put it into his...

So you think next time you make a broad over generalized statement about a womans concerns upon her husbands decisions at the end of life and her confusion over her future...it could be a woman like me....wanting nothing more than a good marriage and a happy family only to find out i married a man with many genetic misgivings that created him to become an a-hole after 40 yrs....

You should smack yourself for stupidity

Posted: Sun Aug 26, 2012 02:24 pm Post Subject:

A woman above asked if her ill husband can change her as beneficiary...and someone else responded in a sarcastic manner to assume the wife was only concerned with money.

and

So you think next time you make a broad over generalized statement

and

You should smack yourself for stupidity


You obviously have a chip on your shoulder in regards to your husband/ex-husband. Feel free to share it.

However, you misstate the original post that prompted the response to which you refer. And you mischaracterize that response.

The initiating post was from a woman involved in a divorce, who asked if her husband could remove her as beneficiary of his life insurance. In addition, she had become aware that he was terminally ill. She concluded by saying that the about-to-be dead/ex-husband was so mad at her they could not sit down to have a discussion about the matter.

From all appearances, she was concerned about the money, as I'm sure you would be. That's neither a positive or a negative. It was merely a concern. There's nothing to indicate whether there were other overriding concerns, about which the life insurance money would have been important. Such as minor children. We all know someone who has done something unsavory in a moment of rage or anger that they would later come to regret. My wife and I have a good friend who is midway through a five-year prison term for one such lapse in judgment.

The response that seems to have your knickers in a bunch, was not sarcastic at all. It simply pointed out that the woman should be more concerned about her ill husband than his life insurance money. It did not say the only thing she was concerned about was the money. According to the tone of your post above, if it were your husband, you, too, would seemingly have little regard for his health in a similar circumstance.

What no one at the time did was answer her question: "Yes, he can change his beneficiary any time he wants, to anyone or anything of his choosing." Love or no love, male or female, married or not married, a life insurance policyowner may change a revocable beneficiary at any time and for any reason.

If the woman at the time was concerned about her status as beneficiary, her divorce attorney could have petitioned the court to order the husband to make his wife the irrevocable beneficiary. Then it becomes a done deal -- no more changes during the life of that beneficiary without their consent.

On the other hand, your diatribe above has absolutely nothing to do with life insurance -- at least you never once mention the topic -- but it is full of sour grapes about how sorry you are for staying in a marriage for 40 years, and how others should apparently pity you for your apparent sacrifices on his behalf. All of that may be true -- I don't know you and I make no judgments about you or your marriage.

However, you go on to state:

.i learned he even stole my money that could have gone in my 401k, but he sneakily put it into his


And this, madam, is an impossibility! Your blind rage has now become clouded by a fiction.

Contributions to a 401(k) plan are made ONLY from one's own payroll checks into one's own account through one's own employer. There is no possibility that your contribution could have ended up in someone else's account, such as your husband's, even if both of you worked for the same employer and he was the Chief Financial Officer of the company. There would be no possibility of him touching your money without your knowledge AND consent. And even then, the money could not have ended up in his 401(k) account as you assert.

Furthermore, if anything were happening with your 401(k) contributions at the time, you would (or should) have become aware of it within one to three months, since you most likely were receiving quarterly account statements and would have seen no money going into your account compared to the money being withheld from your paychecks.

a woman who puts many years in a marriage can wake up one day with a stranger

and

i have seen it many times....when a man ages,,,he starts wanting younger women but becomes angry when he realizes a younger woman does not want him..

and

i married a man with many genetic misgivings


I have no idea what "genetic misgivings" means. But you obviously need to deal with the psychological issues you detail. Nothing in life is as one-sided as your post about your marriage asserts. No one endures 40 years of marriage only to wake up "one day" and discover all has gone to hell in a handbasket. As the saying goes, "It takes two to tango."

Any chance that part of what led to your husband becoming an "a-hole" has the slightest bit to do with you? Try a psychological self-help website. Perhaps a mental health therapist would be of value, because it appears to me that there is about 40 years of denial here.

Posted: Fri Aug 31, 2012 08:22 pm Post Subject: Insert your entire foot in rear

Why you chose my post to do a beat down is beyond me, if you have done everything morally correct in your own marriage, perhaps it would not have been so caustic to you.

I commented on the statement of someone criticizing a womans concern for her husbands health...whoever made the statement did not know the particulars, just like you do not know my particulars.

A chip on my shoulder? How about a boulder....i am new to this habit of feeling bitter...see, i am less than 2 month, into discovery. When i said "genetic misgivings" I was trying to say "the apple didn't fall far from the tree" "like father like son", you get it....

Are you telling me as I sat here with paperwork that was hidden, that my spouse did not rollover "my" money into his retirement account, that is lumped with his 401k? It makes no matter whether it is retirement or 401k...my name is on neither...i was told i am the beneficiary...but we know how that can play out...i have watched this fiasco many times...

To say I did not wake up one day after knowing this man of 40 yrs to find he had acted inappropriate is anothet example of you sticing your big toe up your rear...you have no idea of what you speak...

It's called "trust", that thing we learn to do early on in life, and we keep doing it till someone causes us to question their motives...well that is how you can be blindsided...without giving details, i have reason to believe mine has been dashed to he##...

I know all about bad people, i worked in a LE agency, so it is not a case of being naive...

Enough about me, let me tell you why a woman with a terminally ill husband has to be concerned for her welfare...apparently her husband is not. In an ideal situation where love abounds, the husband would have put her at ease. This is why doctors tell dying people to "get their affairs in order", hopefully, they mean the financial ones..

When you die, no one is standing at the entrance to the hereafter with a receipt book, or credit card scanner. The dying do not have to worry about the light bill, remember, "the light at the end of a tunnel", stays on all the time, no switches or control panels. The lord says he has many rooms, one he prepared just for the deceased. Uhhhh...he don't charge rent...

But now here in the living world, his wife will have to pay a monthly fee of "money" , to keep her lights on. In addition, if she wants a room, she will have to give something in return, money is usually the standard form of payment, The Lord blesses in many ways, but a "landLord" will bless your pile of possessions after he has put them on the street, for not paying rent, which does no good, they will be stolen or ruined by rain.

Did I mention food? Another thing the dead have no need. Health care? They used theirs to fight their illness, which in our culture is sometimes hopeless, depending on the circumstances. His wife will need both those things, in order to sustain her life.

Even in the best of circumstances, a spouse, usually the one who earned less, took care of the home, and major income provider, would be foolish to not question how life will continue oncetheir ill spouse departed life. There are also funeral costs, could be minor children to care for.

All of the shock and tears are dealt with early on in an illness, then reality seeps in, and that is when the questions get sticky for sensitive people like yourself. If a widow asks about her options after her husband passes, some think it is a sign she is looking forward to being a widow, which can be the case, but not for anyone to criticize.

Should she wear black for a year? To prove she is in mourning? What century do you live in?

Do not be concerned for me, as i am a survivor. Psychological help? Pleasssse...i'm a woman, the cards are in my hand, there are laws against theft and unlawful transfer of money by wire. It gets pretty messy when you think about it. But i am not the one that did the deed, now am I?

As for why people change over a lifetime is not anything that we can control, everyone has a need, perhaps as mortals, we really can't satisfy the needs appropriately, and that could be why a man would see fit to be dishonest to the only person who showed him true loyalty. Sometimes, we marry people we should not have, but we are people who like to please, and keep harmony and balance, so we sacrifice, until one day, we stumble, instead of getting a hand up, we see a foot coming toward us to push us down again.

Some people would lay there pretending to suffer, all the while, calculating how much malice they will inflict on the person who put them there....while someone else, will look up, with real tears of hurt and confusion, more concerned that while they are on the ground, their inflictor would need something they would be unable to give at their own moment of need....

There are many kinds in this world, that is just two...

I am one of them, but I'm not telling which one...

Posted: Fri Aug 31, 2012 10:01 pm Post Subject:

A chip on my shoulder? How about a boulder....i am new to this habit of feeling bitter

and

Do not be concerned for me, as i am a survivor. Psychological help? Pleasssse


My suggestion to obtain psychological counseling stands. This rambling rant is evidence of that. Admitting that you have a problem is the first step to solving it.

Are you telling me as I sat here with paperwork that was hidden, that my spouse did not rollover "my" money into his retirement account, that is lumped with his 401k? It makes no matter whether it is retirement or 401k...my name is on neither...i was told i am the beneficiary...but we know how that can play out...i have watched this fiasco many times...


Well, now your story has changed. You've gone from taking money from your 401(k) to making a "rollover". There are insufficient details to permit anyone from understanding and sorting out exactly what happened to your "401(k) money".

All that will be needed to sort it out and correct it is an attorney.

Take the time to find both "counselors" and take care of whatever your problems are, real or perceived.

Posted: Wed Feb 21, 2018 01:41 pm Post Subject: Insurance

Previous post is totally right - you're paying your insurance and they have to provide you with all that included, so be aware. And dont look for anonymous car insurance

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