Yes, you can take out life insurance on whomever you choose. If she is paying for it then why do either of you care?
If there are children in the picture then it's very smart to have life insurance on both parents to be able to provide for the children if something should happen to one of the parents and that person is no longer around to provide for them.
In many cases it's set out in the agreement that an insurance policy must be maintained for just such reasons.
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