Wife owns policy on my life; now getting divorced

[riskassessor]

What is the name of your state? Texas

I signed a consent for my wife to insure my life with herself as beneficiary. Now we are getting divorced, what rights do I have? Question (1): Ideally, I would like to take over the ownership of the policy myself (my heirs as beneficiaries). Do I have the right to insist on that? Question (2): I am not comfortable that my wife should benefit from my death after divorce - can I withdraw my consent for her to insure my life? Question (3): Can I obtain information on whether the policy is still in force from the insurance company or the broker or are they only allowed to talk to my wife as owner of the policy?

 

[nextwife]

Do you and she have minor children together? You actually should have a policy on her and she on you, if there are children.

 

[riskassessor]

There are no children.

 

[Just Blue]

There are no children.

If she is paying for the premium..What do you care if she has the policy? Do you think she will have you "offed" in order to collect??

 

[ErinGoBragh]

This should probably be brought up in court when working out the terms of the divorce, but the bottom line is if she had the policy on you, unless the court rules otherwise, you are SOL. If you aren't the owner you don't even have the right to any information about this policy from hereon in.

So to answer your questions:

1) You can try in court, but you may not have any luck.

2) No

3) No. You have to get info from your wife, if she even wants to give it to you.

 

[Dandy Don]

You should be glad she has the policy since right now she bears the expense of paying the premiums--she won't spend all the money on herself--it's supposed to be used to take care of your children as well. Just wait until the divorce decree is issued--she may ask the court to have YOU pay the premiums and keep the policy in force during her or your lifetime.

 

[ShyCat]

Dandy Don, you really need to read more carefully. One of OP's replies clearly stated...

There are no children.