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Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

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  #1  
Old 06-21-2011, 11:28 AM
benoitc benoitc is offline
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Default Splitting life insurance

Hello again

I'm wondering if any of you have had to split your life insurance? I had a life insurance with my wife which basically had each other as beneficiary. Now that we are divorce, she won't give me a copy of the policy. I suspect some of it is for the kids, and a part for my spouse. I want to keep money in trus for my kids but I feel that my new spouse should have also some money for our current common expenses.

My ex refuses to split the life insurance. And I can't cancel it without her agreement. I'm not sure what can be done. I don't want any link to her, or have her as beneficiary anymore. I would like to have the freedom to choose who will get my money and be able to add dependants as well if the situation arise. I've had the policy for a long time and I would hate to have to start all over... if I can get out of that one of course.

I found an insurance for spousal Familysure... which basically is an insurance in case of death that my child support will be paid to my ex on a monthly basis until the kids are 23. To me, that should be enough to help her in case of death. And my kids would have the rest in trust.

Not sure how to handle this.
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Old 06-21-2011, 12:31 PM
Mess Mess is offline
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I'm not clear what your situation is.

If you had joint life insurance (pays when the first spouse dies) then you should have no problem getting a copy of the policy from the insurance agent, and I don't understand why you wouldn't be able to cancel now that you are divorced? However if you are paying support, it would be an option to keep it in place. I understand that the support insurance might seem more appropriate, but if you have a plan in place, just keep it. If there are other issues, try to detail them so we can sort it out logically.

If the insurance wasn't joint, then her plan is her plan, and yours is yours. You can have a court order requiring the maintainence of insurance for the purposes of child support. This should be for both parents no matter who has custody. The reason would be, if the custodial parent passes away, then the children would 99% end up with the NCP and the insurance should pay what would be other parent's support.

In short, you should both have insurance plans payable to each other for the children's sake. If you want to look at the support insurance instead of life insurance, just be clear whether it is cost effective. If you have whole life right now, it would probably be better just to keep it if you have been paying into it for so long.

To some extent the details of your ex's insurance are her business, as long as she will prove that she is carrying it.

I would suggest a firm but not argumentitive letter, simply stating that you each should be carrying insurance for the other for the children's sake, you wish to be amicable about the arrangement and share the information, but if she continues to refuse you will seek a court order.
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Old 06-21-2011, 01:07 PM
benoitc benoitc is offline
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We have a joint policy. I've requested a copy 4 months ago... and so far have received nothing. The agent keeps telling me stories, says he had sent one to my ex's address... which she denies receiving... so I am getting fed up.

My goal is to get a clear understanding of how the insurance is structured and from there make an informed decision. I was told by my ex that we both need to agree to cancel it. The agent told me we can split it too. But my ex refuses. She wants me to keep her as the beneficiary. My only true option is to stop paying after which it would be terminated by the company.

The support insurance would be about 11$ per month. Really nothing to stress about and if I would have to start all over, my premium would be increased by as much.

The amount of money she would receive at my death goes beyond what she is entitled and I want as much as possible to keep my original policy my own.

The way she interpretes the law is that without her approval she has the right to remain the beneficiary of all my life insurance. I disagree. There must be some kind of exit possible when a couple separates physically and financially.
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Old 06-21-2011, 03:08 PM
Mess Mess is offline
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Send a simple, clearly worded letter to the insurance agent stating that as you are divorcing, communication and co-operation between you and your ex is at a minimum. State that you require a copy of the particulars of the policy and a statement of it's current worth sent to you and not to your ex. State that your intention is to split the policy ASAP.

Don't say "maybe" or "can I", be assertive about it. You are the owner of your share. If the insurance agent does not get back to you with clear answers within a reasonable time, then go over their heads and direct the same letter to the head office.

Agents will dawdle on this sort of thing because they make money selling and upgrading policies, not doing administrative paperwork.
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Old 06-22-2011, 08:03 AM
benoitc benoitc is offline
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Thank you for your response, I've sent an email yesterday and she's thinking about the support payment insurance... Either way, I now know something can be done...
  #6  
Old 06-22-2011, 08:29 AM
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karmaseeker karmaseeker is offline
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If you are dealing with a reasonable person and offer a reasonable solution then the problem should be resolved with a few forms and some red tape.

If you are like us...

My partner retained his original joint policy (although put the children as the beneficiary and his sister as the custodian of the trust - not sure if that's the official title)

He also retained the critical life insurance - with the children as the beneficiary.

He got a 3rd policy for me and my son

and if you can believe it his ex wants ANOTHER policy on his head for an additional 300,000. WTF! with her as the beneficiary! I don't think so!

Court can't some soon enough!
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Old 06-22-2011, 09:08 AM
benoitc benoitc is offline
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That's insane... It's crazy what ex's think they should be entitled to....
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