changing life insurance beneficiaries

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PostPosted: Wed Aug 26, 2009 10:57 pm   Post subject: changing life insurance beneficiaries  

My husband left me after 38 years of marriage--sued me for divorce which was denied (in July 09) on all grounds. He has removed me as primary beneficiary on 2 life insurance policies worth 1M total and since he now has cancer how can I prevent him from naming his girlfriend as primary beneficiary


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PostPosted: Thu Aug 27, 2009 7:17 am   Post subject:   

Hi,



It's truly unfortunate as I could empathize, but how did you come to know that he's removed you from being his primary beneficiary for the 2 policies?



Practically, I don't think there's a way to prevent him from changing the beneficiary, unless you're being termed in his policy papers as an "irrevocable beneficiary".



If you're being designated as an irrevocable beneficiary, then they'd need to seek your consent prior to any change in beneficiary, for borrowing cash value or for the policy assignments.



Steven

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PostPosted: Thu Aug 27, 2009 11:27 am   Post subject:   

Get your attorney on this IMMEDIATELY!



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PostPosted: Fri Aug 28, 2009 10:33 am   Post subject: life insurance  

Do have a question about my Military Life Insurance policy (if anyone knows). Of course..most of you know I have one. However........with a Military Life Insurance policy, things are 'somewhat' general. There IS nothing on the policy that asks if I want my Beneficary to be a 'Irrevocable' Beneficiaries. Can I just 'add' it on?

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PostPosted: Sat Aug 29, 2009 2:58 pm   Post subject:   

Lori is correct. The insurance company will simply do whatever he asks.

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PostPosted: Sat Aug 29, 2009 3:00 pm   Post subject:   

SDCharger,



Why would you possibly want the beneficiary to be irrevocable? That takes all power away from you to make a change.



Irrevocable beneficiaries are rarely used. When control is needed, it is usually much better to do it through ownership of the policy.

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PostPosted: Sun Aug 30, 2009 12:19 am   Post subject: life insurance  

Well.......I'm just trying to make sure the Beneficiaries, I have now, WON'T be changed. I don't want them to. If I'm the owner of the policy, how could a 'irrevocable Beneficiary' have ANY kind of power (providing I'm still living)? I just don't know the difference between a 'regular' and 'irrevocable' one. Can you explain please?

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PostPosted: Sun Aug 30, 2009 1:09 pm   Post subject:   

It's not that the irrevocable beneficiary will have power. It's that you won't have any power.



Ex. You name your son as the beneficiary of your life insurance policy. He unfortunately develops a pretty bad drug addiction. You know that if he gets the life insurance proceeds, he will blow the money. You are raising his son.



If the beneficiary is irrevocable, you can't change the beneficiary. If the beneficiary is "regular", you can change the beneficiary to your grandson. If/when your son cleans up his act, you can change the beneficiary back to your son.



An irrevocable beneficiary means that the owner of the policy (you) can not make changes.



Because you MIGHT want to change the beneficiaries at some point, you don't want them irrevocable.



Example of when an irrevocable beneficiary might be used: Your ex-husband is the owner of a life insurance policy with you as the beneficiary. The purpose is to protect you since the alimony will stop at death. You are paying for the policy. If the beneficiary isn't irrevocable, he could change it to his girlfriend and you would never know until he died.

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PostPosted: Sun Aug 30, 2009 1:35 pm   Post subject:   

Quote:
It's not that the irrevocable beneficiary will have power. It's that you won't have any power.
Excellent (and concise) explaination Ins. Ex.



The ONLY time I can imagine an irrevocable bene. makes sense and is a good idea, is in the case of divorce, as previously stated...It's rarely a good idea to make much of anything irrevocable...people change (for the good and the bad), and then they change again.. Wink


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PostPosted: Tue Sep 01, 2009 11:26 pm   Post subject: insurance  

OHHHHHH!!! I see! Great clarification...thank you. Makes sense now. Very Happy

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