Mass Insurance Beneficiary after divorce

[ERoche]

We had two life insurance policies on my husband when we were married and I am the beneficiary, we are now divorced and I have continued to pay the premiums for five years now. Is there anything I need to do to be sure I will be the recipient of these policies? He knows I have continued to pay on these policies and he has no problem with that. I am in Massachusetts.

[nextwife]

Are you also the OWNER of the policies?

If not, whomever the owner may be is entitled to name any beneficiary they wish (as long as there is no court order to the contrary)

[ERoche]

I'm not sure, I would assume when I took them out, he was the owner, but one of them I had taken out through work (I worked for an insurance company) and I was probably the owner, either way I am the beneficiary of both. There is nothing in my divorce decree to the contrary. He knows I have these policies and I pay the premium. Whats the deal with who owns the policy?

[nextwife]

Originally Posted by ERoche

Whats the deal with who owns the policy?

The owner is the only one with legal rights to the policy. With the legal right to establish or change a beneficiary. To borrow against the cash value, to opt for any conversion options. To cash in the policy if there is a cash value. Being beneficiary, in and of itself, does not confur these rights. Even being payor does not.

[Dandy Don]

Check on this directly with the insurance company to be sure.