My life, Her policy?

[trmn8]

During my previous marriage my brothers' wife sold my wife and I a life insurance policy. I was away from home working at the time so my then wife handled the paperwork. I did not know it at the time but she listed only herself as the policy owner. We are now divorced and at the divorce hearing in South Carolina the judge told her to cancel the policy since at the time of the divorce the policy held no value and was considered a marital asset. She did not cancel the policy. I now live in California and she lives in West Virginia. I was going to purchase a new policy when the insurance salesman asked me what was wrong with the current policy. It was then that I learned that my ex-wife did not cancel the policy. We have two teenage children and she claims that this is why she is keeping the policy until they are 21. Can she continue to have this policy against my wishes? Do I not have any rights when it comes to who may or may not have a policy on my life? Can I sue the insurance company and force them to cancel the policy? We are currently in court for support modification and she is asking that I sign away any dispute over the policy until the children are 21. I want to settle with her but I do not want her to have this policy. Can I target the insurance company after I settle with her?

 

[ALawyer]

Sorry buddy. As a spouse she had a legal right to take out a policy on your life, and presumably you agreed with it and signed a health questionnaire or the policy would not have been issued.

And if she had an insurable interest at the time it was issued, she can keep it, even though she no longer would have an insurable interest (here she would, as there is an obligation to pay for your kids). What you are ticked off about is that she has a financial reason to hope you die, and motivation to accelerate your death.

Of course IF there was a marital decree or agreement that provided she must surrender the policy, and she didn't, that would be a different story, as what is involved is a breach of that agreement or decree. You might seek to get the earlier decree enforced.

And the insurance company did absolutely nothing wrong by selling her a policy or letting her keep it.