can ex get life insurance money?

[Rhea27]

What is the name of your state? IL

My husband has 2 kids from previous relationship and the kids have full residency with us plus we have our own kid together. In the case of husbands death, I'm pretty certain that the ex would have to take kids (I did not adopt them) and I would take my baby. I'm ready to take out a hefty life insurance policy on my husband for obvious security reasons but do not want his ex to be able to get any of that $ because we would be paying for it. Husband seems to think that she might be able take me to court for 2/3 of the money. Can she do this?
Thanks~

 

[BelizeBreeze]

What is the name of your state? IL

My husband has 2 kids from previous relationship and the kids have full residency with us plus we have our own kid together. In the case of husbands death, I'm pretty certain that the ex would have to take kids (I did not adopt them) and I would take my baby. I'm ready to take out a hefty life insurance policy on my husband for obvious security reasons but do not want his ex to be able to get any of that $ because we would be paying for it. Husband seems to think that she might be able take me to court for 2/3 of the money. Can she do this?
Thanks~

Not if you are the beneficiary.

 

[Betty]

I agree with BelizeBreeze - if you are the only named beneficiary on the policy, all policy proceeds would be payable to you.

 

[nextwife]

Not if you are the beneficiary.

While I agree that she should be beneficiary- but if SHE buys the policy and SHE pays the premium, why SHOULD his ex or ex's kids have ANY right to any portion, even if she DID name her kids?

His ex has the same right to buy a policy against her ex making her kids benficiary as this mom does to buy a policy making her kids beneficary. This is NOT a policy dad owns, thus it is NOT an asset of the deceased.

I mean, I work, and give up some things so I can have sufficient multiple insurance polocies for MY kid. If hubby's ex CHOOSES to, instead of insurance, say, buys $250 designer shoes, and custom orders pricey custom furniture - why should MY kid be denied ALL the insurance MY efforts produced so her kids can get an equal share of what I bought??

Just curious.

 

[BelizeBreeze]

sweetie, the question was "can his ex get the money" and the answer was "not if she (you) is the beneficiary"...read together...follow the bouncing ball....the bubbles will follow

Now, for the bonus round. Why didn't I sugest the children as beneficiaries????

 

[nextwife]

And what if they both die and her kid is a contingent beneficiary of a policy she bought? Can his ex get 2/3rds of that particular policy awarded to her kids, even if SHE can't personally access the money?

 

[BelizeBreeze]

And what if they both die and her kid is a contingent beneficiary of a policy she bought? Can his ex get 2/3rds of that particular policy awarded to her kids, even if SHE can't personally access the money?

The POINT i'm trying to make sweetcakes is based solely on the post. If dad dies and the children are the beneficiaries, the mother will most likely become the guardian with full control of the monies.

Head this off immediately and wifey-poo names herself beneficiary. end of problem.

 

[Rhea27]

Thanks for the responses~ I'll certainly be named beneficiary and the policy will be under my name. The kids will not be named anywhere on the policy.. and at the chance at BOTH me and husbands death, I can put my sister as secondary beneficiary of the policy.

 

[moburkes]

Thanks for the responses~ I'll certainly be named beneficiary and the policy will be under my name. The kids will not be named anywhere on the policy.. and at the chance at BOTH me and husbands death, I can put my sister as secondary beneficiary of the policy.

Let's get the lingo correct. You will be the owner of the policy. You will be the beneficiary of the policy. Husband will be the insured on the policy. Husband will need to sign off allowing you to be owner of the policy. If you and husband ever divorce, you don't have to fight over the policy, since you are owner of the policy. Tell all of your friends to write their life insurance policy this way. Understand that if sister receives money from your policy, she is under NO OBLIGATION WHATSOEVER to use the money to take care of your child/ren.