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!