by Guest » Thu Jan 28, 2016 09:58 pm
I am getting a divorce. I have a life insurance policy. I am the policy holder and my husband is on it as a spouse rider. We have children so we are keeping the policy, but if something happens to him after the divorce will the insurance company still pay if he is not my spouse anymore? No one can seem to answer me, and my attorney is asking.
Posted: Mon Feb 01, 2016 05:34 pm Post Subject:
This can be handled in any of several ways. First, if you do nothing, the coverage as spouse will probably continue. However, you may live in a state where a divorced spouse is automatically removed as beneficiary of a life insurance policy, in which case, you could have a problem.
The best solution is to contact the insurance company and see if it is possible to separate coverage. In some cases, this may not be possible because the spouse coverage is term insurance when the primary insured's coverage is cash value.
Most insurance companies will allow the spouse to separate his/her coverage. You would want to rename beneficiaries appropriately.
Contact me using the email link below, and provide more specific details confidentially.
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