Insurance on ex wife

Jun 11, 2018

  1. Deepsea
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    Deepsea Super Genius

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    I used to be an agent.
    When I was an agent I purchased life insurance on myself and my wife. Most of the policies I was the owner on initially. While we were still married I became the owner of ALL the polices.

    We just got legally divorced and as part of the marital settlement agreement I retained ownership of ALLthe policies. I know the prudent thing to do is to file new beneficiary forms for all the insurance policies on my ex wife.

    My only question is on the new beneficiary form should I put in “RELATIONSHIP TO INSURED”
    Ex-wife ?
    Or
    Ex-spouse ?

    I’m thinking Ex-wife, but I just wanted to double check.

    Thanks !
     
    gravi8729 likes this.
  2. Robert Barney
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    Whose name is the beneficiary now? Your name? If yes, why would you need to change it.
     
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  3. Deepsea
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    Deepsea Super Genius

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    Yes. In the state of Florida just to make sure there is absolutely no confusion.......

    If there is ever a death claim it makes A TON of sense not to encounter any problem because when the policy was written she was my wife and now she is my ex wife and even though it’s in the marital settlement agreement and I am still the owner........I want to cover my bases if in the next 10....20.....or 30 years my ex wife predeces me.
     
  4. Deepsea
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    Deepsea Super Genius

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    I don’t sell insurance anymore but I’m giving you guys an education !
     
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  5. Deepsea
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    Deepsea Super Genius

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    Unless I hear different.....I guess I am going with ex wife.
     
  6. adjusterjack
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    adjusterjack Guru

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    The question is the relationship of YOU to the insured.

    If you are naming yourself as beneficiary on her policy are YOU the ex-wife of your ex-wife?

    No?
     
  7. Deepsea
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    Deepsea Super Genius

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    I am already the beneficiary and the owner. Only thing different now is my relationship to the insured. I am going to fill out a new beneficiary form reflecting My New relationship to the insured, that of ex spouse .
    The ONLY question I have is to my relationship to the insured on the NEW beneficiary form reflecting my NEW relationship as that of ex husband, so she would be my ex spouse or ex wife.

    I guess the clearest would be “EX-WIFE” on the new beneficiary form that I will submit as I am the owner and beneficiary already.
     
  8. Deepsea
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    Deepsea Super Genius

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    I’m the Previous Husband. Now that my wife and I are divorced I AM the
    I think I’m an idiot here.
    Relationship to insured YOU ARE right I’m the EX-HUSBAND.....

    So I guess EX-HUSBAND is clearer than EX SPOUSE ? However I got confused there. I am her EX-HUSBAND, so on the beneficiary form “Relationship to insured ?”

    Answer: EX-HUSBAND

    I guess ex husband is clearer than ex spouse if I can think !

    Thanks for the input adjusterjack
     
    sshafran likes this.
  9. VolAgent
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    VolAgent Guru

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    Ex-wife, ex-spouse is semantics, it makes no difference here.

    As to filing new beneficiary forms, that is a wise move. Some states automatically remove an ex-spouse once the divorce is final, I'm not aware of any rule in Florida. If so, then you will need to be named again as beneficiary otherwise it will be her estate. Even if Florida does not have a rule and the beneficiary designation survived the divorce, this firmly establishes that the owner, you, wanted you to be the beneficiary. It could help stave off any challenges at her death by heirs to her estate.
     
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  10. WinoBlues
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    WinoBlues Guru

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    What the gentleman from Tennessee said.

    At least in the state of California and one other I do not remember you will not be paid if still listed as husband. Benefit will go to the contingent beneficiary

    Ex-husband or ex-spouse
     
    goillini52 likes this.
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