Kathy

[katddaughtry]

What is the name of your state (only U.S. law)? Florida

My question relates to a beneficiary designation on a life insurance policy.
My ex husband & I purchased a life insurance policy in 1985. We divorced in 1994 & he was to make pmts since we had a minor child. I was listed as the beneficiary. He never made pmts so I made them (no lapse in policy ever occurred) & have been for 15 years. Since I was making the pmts, I had him transfer ownership of the policy to me making me the owner & still remaining the beneficiary.
He has now died & the insurance company now wants to see a copy of my divorce decree & the settlement agreement. Why? If I'm the owner & beneficiary, why is this required?

thanks, kathy

 

[cbg]

Why is complying with their request a problem?

 

[katddaughtry]

B/c I feel the only reason they are asking for it is b/c I'm an 'ex-wife' & if I were the owner & beneficiary & any other person (relative or not) there'd be nothing else they could ask for & they would have processed the claim.
The decree & settlement are private & from long ago & I see no reason to dredge it up. thanks.

 

[Dandy Don]

If there was a stipulation in the decree that he was to continue making the premium payments or keep a policy in force, that is what the insurance company is going to be looking for so they can correctly send you the payout. It should be very easy for you to get a certified copy of that document from the county court where you got the divorce.

The fact that you are an ex-wife is NOT important, because that would not disqualify you from being a named beneficiary, unless the insurance company doesn't know that. It is PROBATE law in a probated estate that disqualifies an ex-spouse from inheriting, but that is completely different from insurance law. If they use that excuse to disqualify you (which I don't think they will), you can then contact your state insurance commissioner to file a complaint or hire a "bad-faith" insurance attorney or business law attorney to request an interpleader action against the insurance company so the courts will have to decide if you get this money.

 

[Dandy Don]

Be cautious/very reluctant about giving the information they ask for as I fear they will try to use it to deny your claim. You have leverage due to the fact that you are the designated beneficiary and there is nothing much that would change your status of that.

 

[katddaughtry]

ex-spousal beneficiary

thank you. I finally dredged up my divorce decree & settlement & there are two things in it that I may or may not have trouble with.
1) the final judement mentions nothing about the life insurance policy
2) the settlement agreement has two separate areas:
1) the husband agrees to maintain the life ins on his personal life, naming thw wife as bene. & to make the timely quarterly premiums due thereon as security for child support & his other obligations to the wife until such time as he is no longer required to pay child support & all other obligations of the husband are paid in full. He never paid one dime of child support & I paid off all the debts that he was supposed to according to the settlement agreement to save my credit. SO I think I'm fine here.
2) later it the agreement it states (& this worries me a bit): each party waives, relinquishes & releases all other rights that he or she may now have or may hereafter acquire as the other party's spouse under the present or future lawas of any jurisdiction, including, but not limited to, the following:
a) to elect to take against any will or codicil of the other party now inforce. This shall not apply to any wills or codicils after the date of this agreement,
b) to share in the other party's estate, to share in the proceeds of any policy of insurance in his or her name or for his or her benefit, except as the same shall inure by designation of beneficiary specificallyoriginated and designated subsequent to the date hereof, & to exercise any right of dower or curtesy that he or she may now have or hereafter acquire in the other party's estate, except as otherwise provided herein. This I think I'm ok in b/c 8 months after our divorce, & since I was making the insurance premium pmts b/c he couldn't/wouldn't, I had him sign over the policy to me, & as such, I am the owner.
Thoughts?