by Guest » Mon Dec 31, 2012 11:08 am
I recently got divorced and am living with my two children . Can my ex-spouse buy a policy in my name ? He'll be married in a few months. Will there be a problem if the insurers ask for Insurable interest?
Posted: Mon Dec 31, 2012 12:17 pm Post Subject:
Can my ex-spouse buy a policy in my name ?
Only with your cooperation. You must participate in the process by answering the medical questions in the application and signing the application. The issue of insurable interest is the reason. The fact that you were married and have children is sufficient.
Posted: Mon Jan 07, 2013 02:36 pm Post Subject:
Yes, as Max has pointed out, your children will provide enough insurable interest.
Parents often have life insurance policies, to provide for their children, in case they pass away.
Posted: Mon Jan 07, 2013 05:49 pm Post Subject:
The important element, however, is that the spouse being insured must cooperate in the application for insurance. CA law, for example, requires this when the insurance amount exceeds $50,000. Beyond that, without consent/participation, the contract is void as against public policy.
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