If my ex-wife has a life insurance policy on me, is this legal?

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If my ex-wife has a life insurance policy on me, is this legal?

We were married for 19 years. Our child is an adult. Everything was split evenly. She does not receive spousal support. She refuses to sign it over to me.

Asked on May 5, 2011 under Insurance Law, Texas

Answers:

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

Answered 12 years ago | Contributor

Generally speaking, in order to obtain a life insurance policy on someone you have to have what is known as an "insurable interest" in their life.  Spouse's have insurable interests as partners in a business.  If she had an insurable interest at the time that the policy was taken out it was legally taken out.  Your question is now that she appears to no have an insurable interest can she maintain the policy? I think that it might be a state specific question but in New York, a spouse is not divested of the insurable interest held in his wife or her husband upon divorce. Thus, a spouse is not precluded from collecting the proceeds of a life insurance policy that had been purchased on the life of the other marital partner during the marriage so long as the terms of either the divorce decree or the policy do not provide otherwise. Get help.  Good luck.


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