D
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.