ex-wife as beneficiary

[dwalker]

What is the name of your state?
I was divorced in California while the kids were minors. At age 18 my child support stopped. However, I remember that I kept the renewable term life insurance in force, as part of the agreement. Twenty-two years later, I want to drop my ex as beneficiary, legally. Since she has no vested financial interest in my life, can I drop the insurance? I AM ALWAYS LIABLE responded with Texas law, and lives in Calif- can you do the same for me? Thanks

 

[ALawyer]

I may be unclear on the facts, but you should not be required to pay for and maintain insurance on your life in favor of anyone else as beneficiary UNLESS you agreed to maintain it or a court ordered you to do so.

If your ex owned a policy on your life, and name himself as beneficiary, he has the right to keep it in force.

 

[dwalker]

Thanks for the reply. Found the divorce "disagreement" and it states that I will maintain the life insurance policies, until both of us agree to change them, in writing. Unfortunately, she will most probably not agree to any changes, since I am paying for both her and my policy. Under these circumstances, can she legally be a beneficiary to my policy, without any financial interest(no spousal support, child support, etc) in me? Makes me worth more dead than alive, and that isn't comfortable to me.

 

[ALawyer]

Yes. One thing you might try to do is "buy her out" -- pay her $X for the right to drop it. If the policy is 22 years old, presumably inflation has reduced the purchasing power of the face value.