do i need a letter of consent to carry a life ins policy on an ex-spose and if so, what should the letter contain?
Chuck
Total Comments: 4
Posted: Wed Jul 28, 2010 10:42 pm Post Subject:
No need for any such letter. If the policy is already in force, there is no issue. If you are considering applying for a new policy on your ex-spouse, you will need their consent and cooperation. It cannot be done in secret.
Posted: Thu Jul 29, 2010 01:04 am Post Subject:
If the policy is not currently in force, you might need a cover letter to explain insurable interest. This would be rather easy to do. Actually, you probably wouldn't be the one to draft the letter in this case. It would be the agent who send a cover letter in with the application to explain the situation.
Posted: Thu Sep 16, 2010 11:54 am Post Subject:
If it's the responsibility of the agent then it shouldn't bother us. I'm just being curious to know the content of such a letter.
Posted: Thu Sep 16, 2010 12:14 pm Post Subject:
If there is a question of INSURABLE INTEREST that needs to be explained to the underwriter, that is what the content of the letter must answer. The agent or the applicant can provide the statement.
"Mary is John's former spouse. They have two children as the result of their former marriage."
Should be sufficient, but the underwriter may ask for additional proof such as a copy of their marriage certificate or divorce order.
Posted: Wed Jul 28, 2010 10:42 pm Post Subject:
No need for any such letter. If the policy is already in force, there is no issue. If you are considering applying for a new policy on your ex-spouse, you will need their consent and cooperation. It cannot be done in secret.
Posted: Thu Jul 29, 2010 01:04 am Post Subject:
If the policy is not currently in force, you might need a cover letter to explain insurable interest. This would be rather easy to do. Actually, you probably wouldn't be the one to draft the letter in this case. It would be the agent who send a cover letter in with the application to explain the situation.
Posted: Thu Sep 16, 2010 11:54 am Post Subject:
If it's the responsibility of the agent then it shouldn't bother us. I'm just being curious to know the content of such a letter.
Posted: Thu Sep 16, 2010 12:14 pm Post Subject:
If there is a question of INSURABLE INTEREST that needs to be explained to the underwriter, that is what the content of the letter must answer. The agent or the applicant can provide the statement.
"Mary is John's former spouse. They have two children as the result of their former marriage."
Should be sufficient, but the underwriter may ask for additional proof such as a copy of their marriage certificate or divorce order.
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