Wife Not Beneficiary

[handeemom]

What is the name of your state?Indiana.......
My Daughter Just Informed Me That She Is Not The Beneficiary Of Her Husband's Life Insurance Policy. Her Five Year Old Daughter Is The Beneficiary, With Her Husband's Brother As Trustee (for Lack Of Proper Terminology) Is There Anything My Daughter Can Do To Fight This? She Is The Mother Of Three Young Children And Works As A Waitress. She Would Never Be Able To Survive Financially If Her Husband Died. She Lives In Indiana. Can She Take Out A Life Insurance Policy On Her Husband Without His Knowledge?

Thanks,
Handeemom

 

[BelizeBreeze]

Her husband has every right to name who he wishes to become the beneficiary of his insurance and to name a trustee for that beneficiary if a minor.

Whether or not she can take out a second policy for her husband without his knowledge is a matter of policy for the insurance company.

 

[Dandy Don]

It might be possible for her to take out an insurance policy but she needs to discuss this with an agent that sells insurance.

It won't do any good to fight the designation of beneficiary--she should be grateful that husband cares enough to at least financially provide for the daughter (how much is the policy worth?) and should try to find out from the trustee at what age daughter will be eligible to receive this money (probably when she reaches adulthood). If she has a good relationship with her husband, she should try to discuss this with him and explain that she will need money for living expenses to help raise the daughter and then suggest that he name the wife and the daughter as co-beneficiaries. It is a basic obligation of a husband to provide for his wife and if he won't do this it is an indication that maybe he is somewhat dissatisfied with the wife in some way--let's hope it doesn't approach a divorce situation.

If husband is not willing to change the beneficiary designation, then she should seriously consider getting the policy she was thinking of purchasing, as that will be an excellent way to help provide money for living expenses after he is gone--after all, that is the purpose of life insurance, if she can afford to pay the premiums.