Going through divorce. I want life insurance to protect alimony payments. STBX is aware of this and cooperating in application process. If I am the owner/payor/beneficiary of this policy what reason would the policy have STBXs name? I'm told after the policy is in force, we can do an ownership change from STBX to me. I don't understand this. Can anyone give me insight on this?
Question on life insurance to protect alimony payments
- Thread starter tdeleon61
- Start date
Whoever is due the alimony would want the policy in their name and as the beneficiary with their ex-spouse as the insured.
Otherwise, the other party can cancel the policy and then the alimony is no longer protected.
Disclaimer: This isn't legal advice.
- Thread starter
- #3
Ok thank you very much. I'm the one getting the alimony and I want to be the owner/payor/beneficiary of the policy. Do you know why the insurance company and agent would put my soon to be ex husband as the owner initially and then after the policy is in force do an owner change from him to me?
Is this part of the divorce decree?
- Thread starter
- #5
Then get your own agent. You should be owner/payor/bene, your ex the insured. Petition the court to add the premiums to the alimony.
Ownership changes are fairly rare...bene changes not so much.
- 2,808
You will want to be present when the application is filled out because who owns and pays for the policy is specified (or should be) on the application. Life agents here can confirm that.
