Pre-existing Life Insurance before divorce
Question Details: I was married for 19 years. Through my then, and current, employer I had a $10,000 life insurance policy on my now ex-husband. I have been making payments for 10 years since the divorce. If I keep making the payments and he passes away, can I collect? If not, I certainly want to stop making payments! Thank You
You need to express your concerns to the insurance company that issued the policy and you should discuss this issue with a family law attorney or the attorney that handled your divorce.
Please visit my website for more information at www.kiplawfirm.com
Jason
In order to own and pay for life insurance you must have what is known as an "insurable interest." Insurable Interest has been defined as the requisite connection between the owner/payor and the person whose life is insured. This requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the insured dies; for example, as in the case of a financially dependent spouse or former spouse and children in the life of a former spouse. If you receive alimony or if you are receiving child support then you have an insurable interest; otherwise, you probably do not. Possibly your divorce decree addresses this issue? To be certain of your rights under state law, you should discuss this matter with a local attorney or at least contact the Texas Department of Insurance.
