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Life insurance question...Need help!?
My future husband is a divirced man. His ex wife has a 1/2 million $ life insurance policy on him. I plan to have one one both of us after we are married. Is she still able to keep hers and benefit financially in the event of his death?? (Eeks. I hate even writing that!) or does she have to stop the policy. His divorce agreement staes that we need to keep a $50,000 life policy for the kids in the event of his death, which he does.
3 Answers
- trade_infoLv 52 decades agoFavorite Answer
"1. In the absence of terms in an ordinary life insurance policy stating that the rights of the beneficiary are conditioned upon the continuance of the marriage relation then existing between the beneficiary and the insured, or the regulation of the matter by statute, the general rule is that the rights of the beneficiary are in no way affected by the fact the parties are divorced subsequent to the issuance of the policy, especially if no attempt is made to change the beneficiary and the insured continues to keep up the payments on the policy. "
- 2 decades ago
She can absolutely keep the policy, assuming she is the owner of it. The owner of a policy only needs to have an "insurable interest" in the insured only at the time the policy is applied for.
- SmileyLv 62 decades ago
You can have an insurance policy on someone else. If she is paying the premiums then she most likely will be able to keep the policy.
