life insurance

by Guest » Fri Sep 28, 2012 04:54 am
Guest

I live in Illinois and just recently found out my husbands exwife still has a life insurance policy on my husband. Is this legal? It doesn't seem right that she can still have a policy on him considering they are divorced.

Total Comments: 3

Posted: Fri Sep 28, 2012 05:24 pm Post Subject:

Is this legal?


It is perfectly legal as long as she obtained the insurance while they were married. At that time she had "insurable interest" -- and insurable interest is ONLY required at the time the policy is applied for and/or issued. She may or may not continue to have an insurable interest in his life, but it no longer matters.

Why are you concerned about what insurance his ex-wife may have on him? After all, it's her property and she can pay for it or not. You cannot take her property from her or force her to relinquish it.

Does he not have [new] life insurance for your benefit? As his wife, with his cooperation, you, too, can have a life insurance policy on his life, and if you later get divorced, you, too, can keep it.

Posted: Fri Sep 28, 2012 08:50 pm Post Subject:

Yes he does have a seperate life insurance plan through his employer. I guess I was just curious as it just doesn't seem right that even though they are divorced that she can continue to carry insurance on him.

Posted: Fri Sep 28, 2012 10:25 pm Post Subject:

It's a common question.

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