Life Insurance Beneficiary

Posted: Sun Jul 11, 2010 09:30 am Post Subject:

If the new spouse was never named as beneficiary, it's possible that you are still the beneficiary and there would be nothing to contest. However, there are a few states that have laws that force a divorced spouse off the policy as beneficiary. Can't say for sure if North Carolina is one of them, but it appears they are not. Contact the NC Dept of Insurance
( http://www.ncdoi.com/ ) for assistance.


I found the following:

NC General Statutes Sec 31A-1

(a) The following persons shall lose the rights specified in subsection (b) of this section:
(1) A spouse from whom or by whom an absolute divorce or marriage annulment has been obtained or from whom a divorce from bed and board has been obtained; or (subparts 2-5 omitted)

(b) The rights lost as specified in subsection (a) of this section shall be as follows:
(1) All rights of intestate succession in the estate of the other spouse;
(2) All right to claim or succeed to a homestead in the real property of the other spouse;
(3) All right to petition for an elective share of the estate of the other spouse and take either the elective intestate share provided or the life interest in lieu thereof;
(4) All right to any year's allowance in the personal property of the other spouse;
(5) All right to administer the estate of the other spouse; and
(6) Any rights or interests in the property of the other spouse which by a settlement before or after marriage were settled upon the offending spouse solely in consideration of the marriage.

Note that under subsection (b), the only rights that are lost are those with respect to a decedent who dies intestate. Life insurance proceeds payable to a named beneficiary bypass the probate process invoked by an intestate death. So it would appear, at least on the surface, that if you were the only named beneficiary, and you were not involved in the death of your ex-husband (see note below about a "slayer"), you are entitled to the policy proceeds and the new spouse is out in the cold -- she gets whatever is left to her in a will or by virtue of the probate court depending on the circumstances.

NOTE:

Beginning at 31A-3, the NC General Statutes go on ad nauseum about the rights (or loss thereof) of a "slayer". 31A-11 disqualifies the slayer as a beneficiary. Must be a particular problem in North Carolina.

Posted: Sun Jul 11, 2010 04:16 pm Post Subject:

My other question is we share a son between us, I would think that if they entitled anyone other than myself the money it would go to our only son?!

Posted: Mon Jul 12, 2010 01:29 am Post Subject:

No not necessarily. Again, without the state's officially taking a position on this, it would be extremely tough for the wife to contest this. You are the named beneficiary. The contract says if ex husband dies pay you a death benefit. If the contract was never changed (beneficiary changed) then that's the way it should work. Contracts are contracts.

Posted: Mon Jul 12, 2010 01:38 am Post Subject:

Although you share a son between you and your ex,he is not the official beneficiary on the insurance policy.You are the only one beneficiary on insurance policy thus all the proceeds should come to you without any doubt.

Posted: Mon Jul 12, 2010 03:59 am Post Subject:

thus all the proceeds should come to you without any doubt.

Posted: Wed Aug 18, 2010 10:24 pm Post Subject: Mortgage insurance policy

I am the owner of a home mortgage protection policy on my ex husband. He tells me it is illegal? in california

Posted: Wed Aug 18, 2010 10:30 pm Post Subject: life insurance

I am the owner of a life insurance policy on my ex. Can I sell it?

Posted: Thu Aug 19, 2010 05:16 am Post Subject:

Hi,

The proceeds of a life insurance policy are distributed upon death to your chosen beneficiary. A life insurance beneficiary can be an individual, your estate, or an organization.

When designating a beneficiary, you should specifically name the individual and indicate the portion of the proceeds s/he is to receive.



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Posted: Wed Aug 25, 2010 12:21 pm Post Subject:

I am the owner of a home mortgage protection policy on my ex husband. He tells me it is illegal? in california

I am the owner of a life insurance policy on my ex. Can I sell it?