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sallym76 | Who should be the OWNER of a life insurance policy? |
I will be the beneficiary of my husband's life insurance policy, but should I also be the owner? Or should he own it? I'm thinking if we should happen to get divorced somewhere down the road (God forbid), it would be better if I own the policy on him so I can be sure premiums continue to get paid and the beneficiary is not changed to someone other than me. And he would own the policy on me. But would there be negative consequences of this or tax issues raised by me owning it? |
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mbrcatz
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Depends on the GOAL. If you think a divorce is possible, and you have kids, it's perfectly reasonable for YOU to be the policy owner (but then, of course, YOU will have to pay the premiums).
Me, *I* am the policy owner, and hubby is beneficiary. And he's the owner of his policy.
I don't know of ANY tax consequences related to who OWNS the policy. What matters is, who's the beneficiary. And if it's not the insured life, it doesn't matter. |
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insuranceguytx
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You are very correct in questioning this situation.
IF the tow of you have children, you should own a policy on him and he should own a policy on you.
If you divorce and he owned the policy, he could stop paying the premiums and leave your children with no coverage. Obviously that is only important if he dies. But that does happen.
Alternatively, in the divorce proceedings, the judge can order him (and you) to maintain life insurance policies until the children reach age 18.
Talk to an insurance agent and a lawyer.
Good Luck.
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Samantha
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You are correct. I don't know what possible negative consequences this could have. This has nothing to do with taxes. |
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bgee2001ca
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If he is paying for it, he should own it. |
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Stupid Flanders
 |
The insurance term you are looking for is 'assignor', not 'owner'.
Regardless, he is the assignor of the policy right now, and you are the assignee (or beneficiary).
Some Life policies allow him to transfer the rights of his policy (or assign the policy), and some don't, so you will have to read the policy to find out.
If the policy can be assigned to you, your insurance company will require forms to be filled out to make it official. Once you become assigned the policy, you will need to complete new beneficiary forms, etc.
If you determine your policy can be assigned, I recommend talking to the agent that sold you the policy.
Whether you want to do this or not is totally up to you and your husband.
How would you convince your husband to assign you a life policy in case you got divorced? If I were getting divorced, I wouldn't want my ex-wife to have insurable interest in my life.
Typically, you would only want to assign Life benefits if you were going to set up a trust fund or if you were terminally ill. |
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saberhilt
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Wait, if you get divorced you still want to recieve money when he dies? That's...unusual.
if each of you owns their own life insurance policy and has the other listed as a revocable beneficiary, then at any time the owner of the policy can change it to someone else.
So if you divorce him, you'll be able to change who it gets paid out to.
You might buy two policies for each of you. One owned by the insured and the other owned by the other. This will give you benefits of both. |
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