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Life Insurance after Divorce

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dnorm212

Guest
At time of marriage, I had a variable annuity with a life insurance policy of $850,00 with wife as owner and beneficiary for tax purposes. Are since divorced with two pending appeals. As part of divorce decree I am required to maintain a $300,000 policy for our two children with ex-wife as beneficiary. This policy is current. Question is ... wife refuses to cancel the other policy for $850,00 and premium is being paid from balance of annuity of which she was awarded in divorce but a matter of appeal. Can ex-wife carry what is a total of nearly $1.2 million dollars on me if I already carry the court ordered $300,000 as "insurable interest" for the children's welfare. Needless to say say, divorce was very long and post-divorce continues to be ver combative with 2 appeals pending. I feel unsafe knowing that she would benefit so greatly by my death. Insurance company says that since she is owner there is nothing I can do. The policy was not addressed by the court during our trial.
 


ALawyer

Senior Member
If she had the policy before, she can keep it, absent anything in the divorce decree. While she may no longer have a sufficient insurable interest to buy a new policy, an old one can remain in effect.

This is something to discuss with your divorce lawyer.
 

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