Doing the Right Thing
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If she bought on you before you two divorce, then yes.
If she try to buy it on you after divorce, then no since there's no insurable interest. Plus, even if she try, you would have to be notified and be subjected to medical test and sign some paperwork. |
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insuranceguytx
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Yes she can and it is wise for her to do so especially if the two of you have children and you owe child support or alimony.
Maybe you should have a policy on her for the same reasons.
Go talk to a financial professional and a lawyer to get personal advice on your situation. This message board is NOT a good place for personal advice geared to your situation.
Good Luck |
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Suzanne: YPA
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I think most of the advice given to you is good, but I do have one thing to add: this is the type of situation that your state's insurance commissioner can investigate for you. Depending upon when the policy was purchased, this may -- or may not -- be legal. For example, in my State, spouse 1 can purchase life insurance on spouse 2 WITHOUT spouse 2's signature; spouse 1 may sign for spouse 2. However, this is not the case for ex-spouses.
Another point to keep in mind is that most state insurance laws require insurable interest ONLY at the time the contract is issued. In other words, if a contract is issued prior to a divorce and the insured dies after the divorce, the insurer cannot deny the claim or refuse to pay the ex-spouse by claiming there is no insurable interest. There is an abundance of case law in most states that supports this.
So contact your state's insurance commissioner's office, ask some questions, and decide whether you want to file a complaint there. It's free and, quite honestly, most folks at state insurance commissioner's offices understand insurance law better than the majority of attorneys in general practice.
I hope this helps. |
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skydiver
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Without your permission, this is not legal |
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nurse ratchet
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absolutely. she can even make herself the irrevocable beneficiary so it can never be changed. |
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precious1982
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No, if its a lagit life insurance, they require a physical... and you to sign papers. |
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mkulda
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There are a lot of people telling you that it is not legal.
They are all wrong.
This is not only completely legal, but it happens all the time.
Depending on the underwriting guidelines, as an insurance agent answered earlier, you may have to sign paperwork. But what he didn't say is that.....if there is no underwriting guidelines necessary (like a medical exam), she may be able to take out the policy and you would not even know about it.
As strange as this may sound.....people insuring other people's lives without their knowledge is quite common in the business community.
It's called stranger owned life insurance (SOLI) in general. Compaines take out life insurance policies on their own employees (called COLI for corporate owned life insurance), many times without them knowing it. They get a tax deduction on the premiums paid (as a business expense) and when its time for the payout, they get the proceeds tax free. (Some states have begun requiring a nominal payout of some of the funds to the family of the decedent, if any, but this varies from state to state).
So, in short, it is routine and easy for somebody to have a policy on their life and not even know it. |
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floozy_niki
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Did she buy a life insurance on you while you were married and you signed it? If yes, then yeah, she can definitely claim $$ when ya dead.
She cannot buy now though because you are divorced and she has no insurable interest. |
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ggirl
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Not unless you sign a paper that you agree to it. If you're worried, contact a lawyer. |
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Susan C
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Yes she certainly can. You will have to sign and fill out application and she can be the beneficiary especially if she has children. She certainly has insurable interest. She can be the owner, you the insured, and she the beneficiary. |
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c
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She would need to have "insurable interest" on you when the policy was issued. If you were married when the policy was issued, this would fit the definition of insurable interest. If you were not married when she got/tried to get the policy, I doubt it would be issued because she would not likely have insurable interest. (And some people would take out large policies and hire hitmen).
If she relied upon you for financial support (alimony), I'm guessing that there are ways that this could qualify. |
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cab veteran
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As long as she pays the premiums, I think so.
I would be a little worried. Maybe you should
call any insurance company and they will tell
you for certainty. |
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robert S
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She really hates you that much? |
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mbrcatz
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Yes, she can own the policy, and name herself beneficiary, if you die.
You have to sign the application, though. She can't do it without your permission. Most of the time, if there are minor children, the courts order that each parent carries life insurance, with the children as beneficiaries, or naming a trustee to benefit the children. |
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teatreefriend
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Yes, she certainly can. As others have answered you would need to sign the application, submit to the paramed and follow the guidelines of the plan.
There are alot of clauses in a life plan, so carefully read them to know how the plan pays. VERY GOOD suggestion to talk to a lawyer, to have them look out for your interest and the interest of all. You might want a child to inherit the money. |
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Kelly T
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She does not have insurable interest. She cannot buy a policy on you without your permission.
You can purchase a policy on yourself and have her listed as the beneficiary however. |
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