Can you buy a life insurance policy of any kind on your ex husband with yourself as the beneficiary?
You may be able to obtain coverage on an ex-spouse if you are dependent on them for financial support. Many times during a divorce, you can get the court to require that the ex-spouse obtain life insurance....important to note is that if this is the case with you, insist that you are named the owner of the policy in addition to being the beneficiary as the owner can change the beneficiary.
I'm sure if your ex-husband meets an early demise this post alone will bring the police to your door. Anyway, no, you can't do that for the obvious reason.
This answer is not true. If you check reputable insurance sites on line you will see what my son told me (he used to sell insurance). You can, in fact, take out an insurance policy on someone else, as long as you can prove that you would be impacted financially by that person's death. The ex-husband scenario is only one of many which might conceivably be perfectly legitimate. Again, check reputable sites online--don't just ask friends and strangers in cyberspace!
I always advised my friends that were divorcing, especially the wife, to make sure her representative requires, by the court, that the ex purchase a life insurance police, term, on himself, naming the children as beneficiaries. I agree with answerer 1 above in that the wife should be named the owner, for she will receive the notice of non-payment whenever the ex does not meet his obligations. She can immediately contact the court and the court will cite him for contempt of court. And, of course, agreement with her as the owner, for she is the only one that can change the policy in any way.
I don't agree, however, entirely with answerer 2 above because a person cannot take out a life insurance policy on someone else just for the taking. There are rules, policies, and laws that have to be obeyed. I agree with the note on insurable interest but let me add that the intended insured must sign the application. He or she must also, usually, take a medical exam. All this is covered if you send for an information booklet from your state's insurance commissioner.
I also recommended to the wife that she make sure that her ex takes out an annuity rider but so that he can't claim any money in the future, she makes the payments into the annuity. She can deposit any extra money she comes into, be it a 10 bill on the street, and IRS check, or part time employment money. She is building her own next egg for her future. If the ex does not die before the children are 18 (22 in some states), then there is no money for their futures because they will be automatically removed from the policy. Space limits any more here. State insurance commissioner. Got for it!
If the husband was the named beneficiary of the policy, if the policy was in force at the time of death, and if the cause of death was not excluded by the policy, the general answer is "Yes". If the beneficiary was the estate of the wife, the proceeds are paid to the estate. Then, if the husband was a beneficiary of the estate (either by virtue of a Will naming him as beneficiary, or… Read More
If he is showing as the beneficiary on your policy - yes. You can call the insurance company or your agent to change the beneficiary.
Yes, all life insurance companies allow the policy owner to name more than one beneficiary at any time.
How can second divorced wife collect deceased husbands insurance policy when first deceased wife of husband is still named beneficiary?
In order to ensure that a wife collects her deceased husband's insurance policy, it is beneficial to transfer the beneficiary of the policy while the husband is still alive. If the beneficiary of the policy is also deceased, it would be wise to seek legal help.
Yes he can. There are three important factors about an insurance policy. The owner, the insured, and the beneficiary. He can be either the owner or the beneficiary if you signed off on it. I would check to see if you are either of those and if you are the owner then you can cancel the policy. If you are the beneficiary then you would be fine.
If the wife is not named as a beneficiary then she would have no claim on the policy proceeds.
Sure. The owner of the policy is the only person that can decide who the beneficiary of the life insurance policy is. The owner can also change the beneficiary whenever they want to. This should be standard in every state.
Can a husband change his wife as beneficiary on a work life insurance policy without her signature in the state of PA?
it usually depends on the company the policy is with. but usually you dont need a signature to change a beneficiary.
Can a husband change his life insurance policy to include his new wife in the state of Washington if it is stipulated in the dissolution that the children are to be the sole beneficiary of the policy?
If the husband is the policy "owner", and the children are listed as "revocable" beneficiaries, then the change can be made. However, you can be sure [that] when the husband dies, the new beneficiary designation will be challenged. Think carefully about this before you act. Perhaps , assuming the husband is insurable, a new (additional) policy should be purchased naming the new wife as the primary beneficiary.
I took out life insurance on my husband in 1988 we divorced 10 years later. I have been paying it ever since. He has married again. If he dies who will be able to claim on the policy.?
Are you the owner of the policy? If so, you are the only person authorized to change the beneficiary on the policy. If you are not the owner of the policy, your ex-husband can change the life insurance beneficiary regardless of the fact that you have paid the premiums.
Whoever is the named beneficiary on the policy will collect the death benefit.
There is no age restriction for a beneficiary on a life insurance policy.
Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.
Can a wife take out a life insurance on her husband and name herself as the beneficiary and keep that policy in effect after a divorce?
Yes. However, who will be the owner of the policy? The husband would have to sign the application and take the exams.
Columbian Mutual Term Life Insurance Policy with your husband as insured and yourself as beneficiary live in Louisiana and have lost the original policyHow can you find out the value?
Contact Columbian Mutual Life and there should be someone there who can assist you.
I don't really understand the question. I assume you mean can you take out a life insurance policy on your husband? The person who is being insured must answer the underwriting questions on the application in person and must sign the application and be witnessed by a third unrelated person. Normally the agent is the witness. An important fact is the owner of the policy. The owner is the person who has complete control of… Read More
If you purchase life insurance policy on your adult child naming myself as beneficiary can adult child change beneficiary?
The purchaser of an insurance policy names the beneficiary.
The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.
Is it ethical for the beneficiary to own a life insurance policy on someone else ie beneficiary is making payments on 18 year old son.?
Sure it is legal. Can't you be the beneficiary of your Dad's life policy and own one on your wife, yourself and your kids too? You could also be the beneficiary of your dad's policy and own it too!
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
Can my husband remove me from his life insurance and put his girlfriend on it as beneficiary instead?
It depends, sometimes through a divorce the courts force him to have a life insurance policy when there are children involved. Besides that, any insured can change their beneficiary as long as there is an insurable interest.
Can a husband change his wife as beneficiary of his life insurance policy without notifying her in the state of California?
Yes. The owner of a life insurance policy can change the beneficiary at any time. If there are divorce proceedings or child support involved, these things matters often include court orders preventing the change of beneficiaries.
You may need to be appointed the fiduciary of his estate because the proceeds will be paid to the estate. You should contact the insurance company for their policy regarding a situation such as yours.
There are five basic participants involved in a life insurance contract. # Contract (policy) Owner # Agent # Insured # Primary Beneficiary # Secondary Beneficiary ---- The Five Participants: 1. Contract owner The contract owner is the person that actually owns the insurance policy. 2. Agent The insurance company (see notes below) 3. Insured The Insured is the person whose life is being insured. 4. Primary Beneficiary The primary beneficiary is the person who receives… Read More
In Pennsylvania can a wife purchase a life insurance policy for her husband with herself as beneficiary without his knowledge or signature?
No. You must have the signature of the insured person.
How can you find out if someone left insurance policy and named me as the beneficiary after they passed away?
if someone died and left an insurance policy and named me beneficiary how can i find out
The Insured can change the beneficiary on a life insurance contract.
Does your ex husband have the right to claim on an insurance policy if child died in car accident child an adult?
if he's not on the policy as a beneficiery he can't. ADDED: It makes no difference if the child is an adult or a minor. If the policy is up-to-date (i.e.: all premiums paid and current) and your ex-husband is a named beneficiary on the policy then he does have beneficiary rights. It's as simple as that. On the other hand, if he was NOT specifically named on the policy, he has no claim whatsoever.
If your husband has your son as a beneficiary on his life insurance policy and won't take the time to get this changed what happens if he passes away?
IT DEPENDS WHO IS ON THE POLICY AT THE TIME OF DEATH. IF HIS SON IS ON THERE THEN HIS SON GETS THE MONEY
No, only the policy owner (usually the insured) can decide who the beneficiary is on a life insurance policy. Life insurance has nothing to do with a will or estate distribution after someone's death. That's why it is imperative to keep the beneficiary section updated constantly based on the life changes; too many people who get divorced forget to update their life insurance beneficiary on the policy and benefit may go to the ex-spouse. Life… Read More
Yes, if the owner of the policy does not file a change of beneficiary the insurance will have to pay the proceeds to the person who is named on the policy.
If no beneficiary is listed on a life insurance policy then the benefits are payable to the insured's estate. The beneficiary can be changed at any time prior to the death of the insured if this is the person's desire.
The owner of the policy can change the beneficiary of the policy. If the original beneficiary has died before the insured, the owner of the policy can designate a new beneficiary at any time.
If you are not listed as a beneficiary on your fathers life insurance policy are you entitled to anything?
You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.
An insurance policy and a will are two separate things. The policy is a contract between the insured and the insurance company. The beneficiary of the insurance policy is spelled out in the contract. The insurance company will pay the insurance proceeds to whoever is listed to receive the proceeds. The proceeds from an insuranc policy can be paid into the estate of the deceased and disbursed according to the terms of the will. The… Read More
Beneficiary = benefits from Benefits from the execution of a will / payout from an insurance policy etc.
No, the beneficiary of a life insurance cannot be changed by the executor unless he's the owner of the policy. The proceeds of a life insurance policy, unless the benefciary of the policy is the estate, are not subject to any conditions of the will. It is outside of probate.
Contact the insurance company and request a change of beneficiary form. They will mail the form to the policy owner. You fill it out and mail it back to the insurance company so they can update your life insurance policy.
If you take out a life insurance policy name your father as beneficiary and then get married but don't change the beneficiary to your spouse does the spouse have any rights to the policy?
No. The beneficiary is whoever is specifically named on the policy.
Yes, if you are the owner of the policy you can make any changes you wish as far as beneficiary or ownership.
If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.
If a life insurance policy is contested how does a judge determine intent if a new beneficiary form was requested but never submitted?
The life insurance policy is a contract. A judge can not determine "intent". Whoever is the named beneficiary is the beneficiary by contract.
A will cannot insert a name or change the name of a beneficiary of a will. However, you can have an insurance policy made payable to the estate, then give the proceeds of the policy to a named beneficiary. Problem here is that the policy proceeds run through the estate and become subject to debts and administration expenses and perhaps taxes, whereas they would not be if a beneficiary were named in the policy.
Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
This all depends on who took out the life insurance policy and who was named as the primary beneficiary at the time. The primary beneficiary is named within the policy document. The primary beneficiary may or may not be the father and/or mother. If the primary beneficiary is deceased, then check the policy for a named contingent beneficiary. If there are no named beneficiaries living, then the policy proceeds become part of the policy holder's… Read More
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
Yes, You can name any beneficiary you choose.
Yes! The beneficiary on a life insurance policy does not have to be included in a will in order to receive the life insurance benefits.
If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.
The beneficiary of a life insurance policy is designated when the policy is taken out. After that the policy owner (usually the insured but now always) can change the beneficiary by completing a change of beneficiary form. The company processes the change then sends you an amendment showing the change. Normally you put this amendment with the policy as it becomes part of the policy. If the policy owner kept their records straight then you… Read More