Posted: Tue Jan 29, 2008 5:34 pm Post subject: Can I keep my soon to be ex husband on my life insurance?
My husband and I are discussing divorce. I have a life insurance policy (whole life) in my name that I've have had for over 25 years. He is on the insurance as a rider. I am his beneficiary. Will I be able to keep him on this insurance after the divorce is final if we both agree? Will the insurance company have a problem with it?
Hey, you can act upon your own will. If you want to keep him under your policy even after the divorce, you can. The insurance company, under normal situation, won't raise any objection regarding it. They will direct the benefits of the policy to the named beneficiary whenever required. _________________ Register Now to have your Insurance queries solved.
My friend, though you can act upon your free will in choosing the beneficiary for you policy but the thumb rule says that the person should have an insurable interest to receive the policy benefits. That's why, people normally entitle a direct dependent to receive the policy benefits. Your choice may attract to legal complications in future. Hence, it'll be wise to keep a will at place clearly pronouncing your desires.
Hope the input helps. Take care _________________ Register Now to have your Insurance queries solved.
Yes you can but to be 'safe' if you divorce after it is final I would make out a new beneficary statement acknowledging that you want your ''ex'' husband to be the beneficary. In otherwords so something couldn't come up later, that ''you just forgot''...to change it after the divorce. _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Yes, you can keep your son to be ex-husband on your life insurance as beneficiary.
The issue is, was there an "Insurable Interest" between you and your husband when you took out the life insurance policy naming him as beneficiary.
You have an "Insurable Interest" with any spouse, so yes, you can continue with your ex-husband as beneficiary, since you had an insurable interest when you purchased the policy.
Or, you could choose to change the beneficiary of your life insurance policy. It is your choice. _________________ Visit http://www.term-life-online.com to learn how term life insurance works and compare free quotes today.
You have an "Insurable Interest" with any spouse, so yes, you can continue with your ex-husband as beneficiary, since you had an insurable interest when you purchased the policy.
Can you guys explain "Insurable Interest" please, thanks in advance.
''Insurable Interest'' is if you stand to lose from it's loss...clear as mud? I would have an insurable interest in my husbands car and he in mine if there was a lein on them..(in both names) or anything that could result in any financial hardship that could come my way by the loss of something...maybe that's a better explaination of it.... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
I have an aunt who has had insurance on her ex husband for over 20 years now, nothing major, but enough to bury him. She says she put up with his abuse for all those years, she deserves something. We always joke and say, he will out live her. LOL.
He has never remarried or had another relationship, serious enough to make any difference, she says because of her kids, either they or her will have to bury him someday, so she keeps it in place to cover the expenses. We all thought it was strange but after all the crap it makes sense, she or her kids would have the obligation.
This may be possible, he is in your household and would be considered to be part of your house hold. As goodnatured says list the company and one of us will see if we can find the information for you on their webpage. They should have eligibility information on there.
Best to ask the insurance company directly, I don't think they particularly care where the money from life insurance goes, as long as they have your business. Different companies have different policies, so it's best to ring them up and ask about it. _________________ I have a new personal crusade. I'm going to hunt down the people who have strong opinions on subjects they don't understand. Then I'll bop them with this cardboard tube.- Dogbert
I ain't a legal expert, take what I say with a grain of salt.
