If we had a family lifeinsurance policy while married but are nowdivorced, do I need a waiver to continue the policy on ex-spouse?

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If we had a family lifeinsurance policy while married but are nowdivorced, do I need a waiver to continue the policy on ex-spouse?

There were no provisions for the policy stated in the divorce. I would like to keep the policy active just in case anything happens to the children’s father. Do I need ex-spouse permission to continue the policy with him included. If not, then upon his demise how do I collect on the policy?

Asked on July 14, 2010 under Insurance Law, Texas

Answers:

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

Answered 10 years ago | Contributor

This is a very tricky issue and the law differs from state to state as to what will happen.  When you say a "family" policy what do you mean?  He has one on you and you have one on him? Who is paying the one on him and the one on you?  In order to have an insurance policy on someone else's life you have to have what is known as an "insurable interest."  Marriage gives yo an insurable interest under the law.  But divorce can indeed take that away.  For example, if he were paying the insurnace policy on his own life after the divorce and you were the beneficiary state law could mandate that he "re designate" you as beneficiary after the divorce for the policy to be paid out to you upon his death.  And let me tell you this should have been addressed in the divorce.  He should have had to maintain a policy for the benefit of the children in any case.  Get legal help asap on this.  


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