LIFE INSURANCE

[NUM1BARBIE]

ohio

i am divorcing.my ex's father started a term life policy on me upon our marriage.he is the owner of the policy.during the marriage he converted it to wholelife. he is the beneficery.during the process of the divorce i asked for him to cancell the policy, he did not.is there a process to go thru to get the policy cancelled? does my in-law hold any "insurable interest" on me after the divorce? we hold no business or family ties as of now.

thank you for your time.

 

[ALawyer]

Insurable interest is relevant AT THE TIME OF ISSUE of the policy, not forever.

As part of the divorce settlement you could always negotiate to get back or to buy the policy from the about to be ex-father-in-law by making your ex or his father an offer he can not refuse, something in excess of the cash value.

If not, this is one time when "living is the best revenge". And tell your fdamily is you fear he will "Bump you off" to collect.

If the policy was issued within the past 2 years you may be able to get the company to sue to rescind it if there were material mistatements in the application.