Life insurance after divorce -

by Guest » Mon Sep 13, 2010 09:17 pm
Guest

My 1994 divorce decree requires that my wife owns a 200,000 life insurance policy on my life (named by contract number) and that I am responsible for paying the premiums. There is no mention of what the insurance is for or any mention of an ending date when I would no longer be responsible for paying the premiums. There were no children from the marriage and my alimony obligations ended in 1997. I was not able to afford a lawyer at the time and unfortunately did not insist on getting a more reasonable life insurance agreement.
My wife purchased a 20 year level term insurance policy in 1993, a year after we officialy separated and I have been paying the premiums ever since. The term inurance is a guaranteed renewable. . The insurance company told me that if she decides to renew the policy in 2013, during the first year alone my premiums will increase by 5 times. I am currently uninsurable as I am in my mid 60s and a recent cancer survivor. I also told the insurance company that my ex wife no longer has an insurable interest in my life and I feel very uncomfortable knowing that she stands to greatly profit from my life. I was told that insurable interest only needs to exist at time of purchase and that she will be allowed to renew the policy if she decides. Any advice or ideas would be greatly appreciated!

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