Can i own & pay for a life insurance policy on my ex spouse(for the care of our minor children) in the state of mn?

Is there any special wording that must be added to the life insurance contract?

Asked on July 1, 2009 under Insurance Law, Minnesota

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

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 one person and another person whose life is insured, as in the case of a financially dependent spouse or former spouse and children in the life of a former spouse.  Do you receive child support or alimony? Although it would appear that being an ex-spouse receiving  child support and alimony is an insurable interest, I would check with your divorce lawyer or the MN Department of Insurance just to be sure.

If you can indeed purchase life insurance on your ex, how much you want to purchase determine if your ex needs to give you his cooperation.  Insurance Companies will require a physical of your ex.  If you are not yet divorced perhaps you can ask your attorney about a provision in the divorce agreement requiring your ex to maintain a policy for a certain amount for a certain time for your benefit and the benefit of the children until a certain age.  This really should have been done in the divorce settlement/decree. But remember: although he may be required to do it he may not.  You could then demand that he cooperate in the procurement of insurance policies on his life.  Speak with an insurance agent in your State.  They will know the law and requirements.  You may not need his cooperation for small policies which may not require a physical.


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