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we just found out that my boyfriends ex-girlfriend took out a life insurance policy on him without his knowledge,,,my question is can she do this?
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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. -
he already has a policy on himself stating that she is the beneficary so why have 2?Comment
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you can have as many as you want. As long as they are paid for. I would not worry about it as you cannot do anything about it.Originally posted by hld View PostComment
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This is good information. Years ago I insisted that we obtain life insurance for both of us, esp since we couldn't come to an agreement over a specific issue so a will has never been drawn up (we have two young children).
He has frequently threatened to discontinue his own policy because of the expense, and I had to take over payments on my own my policy b/c he didn't feel it was worth the cost, since, as the primary caregiver & SAHM, the event of my sudden demise would not have any financial impact on the family.
One of the clauses I plan to insist on is that he continue keeping his insurance policy, with the children as the beneficiaries. Bottom line: if he becomes disabled or worse (forbid the thought), there will be accessible resources for his children.
Has anyone written this into their own agreements?
Ta,Comment
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Ah, but it does. Don't forget to take into account the cost of putting your children into full time daycare or he having to reduce his amount of working hours to stay home and care for the children himself.Originally posted by MsD View PostComment
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well with my bf there is no agreement but he will do whatever it takes to make sure his daughter is taken care of.
Thank you all for your advice and input its appreciated, just trying to educate myself with the common law laws. I know married laws(i was married once) are different then common law laws. i have been doing alot of research.Comment
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Ah, yes, I know! And the cost of a housekeeper, etc ;-) As a single parent, there wouldn't be as much to put aside for the kids' future education, either.Originally posted by blinkandimgone View Post
hld: keep doing what you are doing, research, ask questions, be informed.Comment
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it is a good idea to have them, if he is paying CS she can ask him to secure his support
if she's the one paying it then who cares she's being smart and making sure that the kids are going to be taken care of if he diesComment
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yes, may SA have that clause. It's a very important one too. I will be asking for that as well. My insurance is already in place with my daughter as beneficiary.Comment
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at what age can a child become the beneficiary?Comment
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I think they have to be 19 but the money can be left in trust to them if they are underaged.Originally posted by hld View PostComment
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ok that is what i thought. Thank you!Comment
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The children can be beneficiaries at any age however it is in their best interest to name a trustee for the money until they are of age otherwise one will be appointed for them if you die, which may not necessarily be the person you would choose.Comment
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I had to take insurance and have my ex as the recipient. which I did not fight against as as soon the court order will pass I will cancelled them. As the clause state to cover the support payment only if I did not have insurance. Strange isn't itComment
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