Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

Closed Thread
 
Thread Tools
  #1  
Old 05-22-2009, 01:45 PM
oldernwiser oldernwiser is offline
Junior Member
 
Join Date: Apr 2009
Posts: 15
oldernwiser is on a distinguished road
Default Life insurance

I have a clause in my separation agreement that specifies each spouse will maintain a life insurance policy with the other as beneficiary so as to provide for their obligation to child support should they become deceased.
The concept is that should, for example, I pass away, the policy would provide for a financial amount similar to what I would have provided were I alive. The principal amount is loosely based on the full table rate since the survivor would then become the sole parent and provider.
My question, however, is what would happen (God forbid) should my child die with me, for example in a car accident or plan crash. Seems that the other spouse would still get the insurance benefit even though there would now be no children to support?
  #2  
Old 05-22-2009, 01:57 PM
billm's Avatar
billm billm is offline
Senior Member
 
Join Date: Sep 2008
Posts: 2,431
billm is on a distinguished road
Default

Holy fxxx,

If your ex and your child died on the same day, don't you think a little help financially at that time would be a welcome thing?

Don't be so damn bitter, let the mother of your child catch a break and have the money!
  #3  
Old 05-22-2009, 04:51 PM
Gord Shell Gord Shell is offline
Junior Member
 
Join Date: Nov 2008
Posts: 21
Gord Shell is on a distinguished road
Default

Billm:

Oldernwiser didn't seem bitter at all. He/she has a question to be answered and is looking for help.

Don't be so judgmental with your responses Billm, this forum is here to help others.

As for a response to Oldernwiser:

I do not have one, but felt Billm should know that what he wrote was un-called for.

Good luck with your question....
  #4  
Old 05-22-2009, 06:52 PM
doingmybest doingmybest is offline
Member
 
Join Date: Apr 2009
Posts: 61
doingmybest is on a distinguished road
Default

Think of it as covering the costs for your child's funeral.......and counseling for losing one's child.

And pray it never ever happens.....
  #5  
Old 05-26-2009, 03:02 AM
first timer first timer is offline
Senior Member
 
Join Date: Mar 2009
Posts: 234
first timer is on a distinguished road
Default

I named my children as the beneficiaries with a trustee (not my ex) to cover my child support and my ex as the beneficiary of a separate policy to cover her spousal support, so the support for our children and my ex are not together. If something happened to me and our child(ren) my trustee is named as the beneficiary. Also the policy is reduced each year by the amount of support paid in that year. My trustee has instructions to pay out one year of support to cover costs of funeral services on my behalf. Hope this helps.
  #6  
Old 05-26-2009, 03:37 AM
first timer first timer is offline
Senior Member
 
Join Date: Mar 2009
Posts: 234
first timer is on a distinguished road
Default

This is the sample I based the clause on:

7.2. Life Insurance.
The father will secure a term life insurance policy for the child to cover remaining child support in case of his premature death. The policy will name the child as the Beneficiary and the mother as the Guardian of all proceeds.

A. The policy for the child will be in the amount of $xxxxx, declining by $xxxx a year, until the child support obligation ends or the child is emancipated.

B. The mother has the right to full disclosure regarding the father’s life insurance policy including any changes that are made to the policy. This information will be provided to the mother within 7 days upon request. If the insuring agency is changed, the father will notify the mother in writing and provide a copy of the new policy within 30 days of receiving the new policy.

C. If, in the unfortunate event of the accidental death of both the father and the child / ren, the father names, xxxx xxxxxx, as sole beneficiary, receiving the full benefits of the policy.
  #7  
Old 05-26-2009, 09:00 AM
Foredeck Foredeck is offline
Senior Member
 
Join Date: Apr 2009
Posts: 370
Foredeck is on a distinguished road
Default

I have a clause that states that I will keep $200,000 in life insurance for my daughter.

I am not 100% sure on legal rights, however, what if the worse happens, we have a car crash. I die on the scene, and my daughter falls in a coma only to pass away a week after.

Does this mean that the minute I die, she inherits my insurance and assets. Then, a week after, because she has no will, when she passes away, my ex inherits it from her?

By the way, I am not opposed to that. Primarly because I have nobody else to give it to at this moment, and frankly, I have almost nothing to give. Just curious, and thought it might need to be clarified.
  #8  
Old 05-28-2009, 05:53 PM
Stubbs Stubbs is offline
Member
 
Join Date: Apr 2009
Posts: 53
Stubbs is on a distinguished road
Default

My understanding is that: Yes, your ex will inherit your insurance and assets. Theoretically speaking, both you and your child have both died, so you no longer have any interests in this material world. Let your ex have the money.
  #9  
Old 05-31-2009, 11:33 AM
Looking4Answers Looking4Answers is offline
Senior Member
 
Join Date: May 2009
Posts: 176
Looking4Answers is on a distinguished road
Default

I have made arrangements through my life insurance company for my life insurance if I should die to go to my three children. I have a trustee in place if this unfortunate incident should occur. I was mentally, physically and financially abused by my ex and there was no way he is going to have my life insurance. The man actually tried poisoning me on three separate occasions. There isnt a judge alive that would let a spouse who abuses their spouse to this degree worthy of your life insurance.
Closed Thread


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
need some clarification re life insurance twinsmom Divorce & Family Law 3 07-19-2011 08:30 AM
Splitting life insurance benoitc Divorce & Family Law 6 06-22-2011 09:08 AM
life insurance, private medical coverage tugofwar Divorce & Family Law 7 09-08-2010 10:34 PM
Is government entitled to your life insurance payout?? Jason from Ottawa Financial Issues 3 03-17-2009 08:38 AM
life insurance ont2005 Financial Issues 6 04-10-2006 01:23 PM


All times are GMT -4. The time now is 01:07 PM.