Who is entitled to the cash value ofa life insurance policy?
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Who is entitled to the cash value ofa life insurance policy?
I took out a life insurance policy on my ex-wife (wife at the time) 11 years ago. We have been divorced for over 2 years and I just realized I am currently paying and have the policy. I have been paying it through payroll deduction but back then the policy was put in her name with me being the beneficiary. By law can I have her sign the policy over to me and the cash value go to me, or we split it, or she gets it all?
Asked on July 13, 2011 under Family Law, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Okay you need to go an get a copy of the policy and to take it to someone to review. When you took out the policy you had what is known as an insurable interest in your Wife. Now you do not. But I think that from what you have written she is the owner of the policy, correct? And you are the beneficiary? Well that beneficiary designation may not stand should she pass away. Many states require that you re-designate your spouse or ex spouse after a divorce in order to have the policy go to them. This is because many people forget about these policies during the divorce - just like you - and mean to change the beneficiary but just forget. So the law wants them to do something affirmative to show that they rally meant to leave the money to their ex spouse. Ask about reimbursement for the premiums. Get help. Good luck.
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