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Old 07-18-2011, 09:30 PM
twinsmom twinsmom is offline
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Default need some clarification re life insurance

I have a question that I was hoping someone may be able to answer.
my partner has a life insurance clause in his custody papers stating "the respondent (him) shall maintain a policy of life insurance with a minimum face value of $XXX naming the applicant (ex) as the sole irrevocable beneficiary...."
After the agreement was signed and stamped by the judge she changed her name to her maiden name. Does he have to go back and change his life insurance? It has been set up for some time - he never did make any changes to a policy that has been in existence since shortly after they got married. Or is it up to her to prove (if he dies) that she is the beneficiary. I can see the fiasco that will happen since she is down as an irrevocable beneficiary she would have to sign off on that policy to change the name on the policy. She probably wouldn't do it and to cancel and start a new policy would cost too much money given his age now. Has anyone encountered this before?
Old 07-18-2011, 11:55 PM
dinkyface dinkyface is offline
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I don't think it will be a problem. She'll have enough paperwork to show her identity.

But the minimum of $XXX sounds crazy. I mean, a few years down the road, once there is only 1 year of CS left, why continue to carry that huge amount of life insurance!!! And then what happens after the kid finishes uni?
Old 07-19-2011, 07:45 AM
Mess Mess is offline
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We have a similar clause. Because we are 50/50 we both carry insurance.

As far as I could tell this was "old" wording that just carries on. It probably made sense 20 years ago when there were fewer choices for insurance plans.

For the judge, if not presented with an alternative, it is probably simple and easy to write into an order with no clauses for changes over time. If you want it to change when the child is older, work that out yourselves.
Old 07-19-2011, 08:30 AM
twinsmom twinsmom is offline
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C/S ends when the youngest child turn 22 so there is an end date and she is actually the sole beneficiary in trust for the kids, so if something happens after they turn 18 they get the proceeds not her.
Thanks for the help, although given the flavour of everything that has happened she wont agree to a change in the policy in regards to the minimum value. We can only hope that nothing happens to him for a long time.
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