TX
I am custodial parent, kids 5 & 8. During a recent conversation with my ex-wife, she made a statement about me not having anything if she were dead. We have the standard boilerplate about CS surviving as a debt on her estate. But, she'll most likely just leave bills in her wake. I have decided to ask the Court to order life insurance during an upcoming modification.
I would ask the Court to order me to purchase and maintain the policy in lieu of a debt against her estate. She would be ordered to comply with Ins Co requirements, medical, honest answers, etc. She would would pay the premium to me every month. My question is since she would be the insured, not the beneficiary nor owner, will she be provided details of the policy? I would be insuring her for longer than is required. That way there is still some benefit for the kids while they are in college and starting their adult lives. I would pay any overage and the full premium after CS ends.
Basically, if she is the insured, will the Ins Co give her any details on the policy?
Same issue, I would assume my insurable interest ends when CS ends. Could I maintain the policy after if I changed ben to a trust for the kids while I retained ownership?
BTW, I'd be more than happy to cooperate with her obtaining insurance on me but I know it would lapse within the first year. I'll be making provisions for my responsibilities soon as well.What is the name of your state?
I am custodial parent, kids 5 & 8. During a recent conversation with my ex-wife, she made a statement about me not having anything if she were dead. We have the standard boilerplate about CS surviving as a debt on her estate. But, she'll most likely just leave bills in her wake. I have decided to ask the Court to order life insurance during an upcoming modification.
I would ask the Court to order me to purchase and maintain the policy in lieu of a debt against her estate. She would be ordered to comply with Ins Co requirements, medical, honest answers, etc. She would would pay the premium to me every month. My question is since she would be the insured, not the beneficiary nor owner, will she be provided details of the policy? I would be insuring her for longer than is required. That way there is still some benefit for the kids while they are in college and starting their adult lives. I would pay any overage and the full premium after CS ends.
Basically, if she is the insured, will the Ins Co give her any details on the policy?
Same issue, I would assume my insurable interest ends when CS ends. Could I maintain the policy after if I changed ben to a trust for the kids while I retained ownership?
BTW, I'd be more than happy to cooperate with her obtaining insurance on me but I know it would lapse within the first year. I'll be making provisions for my responsibilities soon as well.What is the name of your state?