Should I take out life insurance policy on my exhusband?

[rsd3636]

My husband and I went through mediation and our divorce was final in 2011 after 27 years of marriage. Or assets were divided and I receive a fair spousal support. We are both 66 and I've started to worry that something could happen to him and my support would end, forcing me to use the money I've set aside for my (really) old age. So - even though I hope nothing happens to him and he could live another 20 years - I might gain some peace of mind by taking out a policy on him. I have no idea why our mediators didn't bring this up. I'm not very employable these days and would like to decrease my worry.

What do you think?

rsd3636 Zip: 94306

 

[LdiJ]

My husband and I went through mediation and our divorce was final in 2011 after 27 years of marriage. Or assets were divided and I receive a fair spousal support. We are both 66 and I've started to worry that something could happen to him and my support would end, forcing me to use the money I've set aside for my (really) old age. So - even though I hope nothing happens to him and he could live another 20 years - I might gain some peace of mind by taking out a policy on him. I have no idea why our mediators didn't bring this up. I'm not very employable these days and would like to decrease my worry.

What do you think?

rsd3636 Zip: 94306

You could not do it unless he agreed, and in addition to that, at age 66 life insurance is going to be pretty expensive.

 

[tranquility]

While my first instinct was to answer as LdiJ , I'm not really sure. The key part would be if the OP has an "insurable interest". I bet the OP by way of spousal support does. While the cost for a term policy may be more than the OP wants to spend, I'd run it by the insurance agent/attorney to be sure. The interest has to exist at the time of the purchase of the policy, not at the time of death.

 

[LdiJ]

While my first instinct was to answer as LdiJ , I'm not really sure. The key part would be if the OP has an "insurable interest". I bet the OP by way of spousal support does. While the cost for a term policy may be more than the OP wants to spend, I'd run it by the insurance agent/attorney to be sure. The interest has to exist at the time of the purchase of the policy, not at the time of death.

Of course running it by an insurance agent/attorney is a very good idea, I was basing the "its very expensive" from direct knowledge.

 

[tranquility]

My real issue had to do with the "if he agreed" portion. I'm not sure that's the case. The OP may have an insurable interest on her own.

 

[ecmst12]

At that age, I would expect the insured to need to submit medical questions at a minimum, so I don't think OP would be able to take out a policy without his knowledge even if she were legally allowed to. If he's healthy, the policy might be perfectly affordable, but he'd still need to participate for it to be issued.

 

[latigo]

You could not do it unless he agreed . . . blah, blah . . .

Once again we are blessed with more sophisms from “The World According to Ld”!

If the proposed policyholder does not have an "insurable interest" in the proposed insured, such a policy cannot be legally created - neither with the consent nor without the consent of the person whose life is sought to be insured.

But here the OP does have an insurable interest in her ex spouse in the nature of his obligation to assist her financially.

The same insurable interest that inures to a divorced women (or men) who are the beneficiaries of an order/agreement for child support, health insurance, college education or any other monetary obligation imposed upon, or assumed by, their ex spouse.

I don’t know what your educational back ground is and couldn't care less, but it is clearly evident that it had nothing to do with the field of law.

 

[Betty]

If this application was submitted to the life ins. co. I worked for, we would not consider it w/o the ex-husband's agreement/signature on the application even though there is an insurable interest. We would not issue insurance on an adult w/o his/her consent. We would most likely see an insurable interest to do this though. I don't see a problem. However, there is an expense element (even for term ins.) & also at 66 the proposed insured "may not" be insurable depending on health hx (& other factors) or may be insurable with an increased premium. (It's possible they are insurable & without any incr. in prem.) At age 66, we would require at least an exam on the proposed insured for any amount & seems OP would want a "fair" amt. of ins. for support.

If the ex agrees to the ins., they can talk to an ins. agent.