Life Insurance on former spouse

[beemeraz]

I live in Arizona, and have had a term life insurance policy on myself and (recently) my former spouse for the past 20 years. Recently, she was killed in an auto accident. After submitting the appropriate paperwork to the insurance company, I was notified that I would have to provide a copy of my divorce decree before they could decide what needed to be done. Through a telephone conversation, I was told that unless the divorce decree was specific as to how matters such as these would be handled, the proceeds of that policy would go to my former wife's estate. Although my children will eventually end up with all that I have, this doesn't seem right to me, since it is my policy, I have paid all the premiums, and am listed as the beneficiary. Does what the insurance company told me make sense?

 

[Dandy Don]

It makes a little bit of sense although it seems to be most unusual.

Did you read the specific language of the policy to see if that specification was in there?

Maybe there is something in state law that requires the insurance company to do it this way. Perhaps an attorney or paralegal could help you research this aspect. Or send a letter of inquiry to your state insurance commissioner about this.

Who would have been the beneficiary if you had died before your wife? Are you and your wife both listed as joint beneficiaries or individual beneficiaries depending on how the death occurs?