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Original poster

Divorced....found out he still have a life insurance policy on me!

12 replies

moifem · 01/04/2015 10:31

....found out he still have a life insurance policy on me!
in shock. Obviously I have moved house and we are divorced.
He says, if he dies then I can have enough to raise the kids.
As he was emotionally abusive towards me I am not sure I can trust him.
Is this policy still valid if we are divorced?
What are the alternative suggestions to ensure that the children are financially supported if one of us pops his clogs?

OP posts:

springalong · 01/04/2015 10:37

I believe that you can take out a life insurance policy on anybody, but yes it would unnerve me too.

MaryWestmacott · 01/04/2015 10:40

You can take out a life insurance on anyone, and I can see some logic that if you are the main carer for the DCs, then if you die and he had to take full custody of them, would he need to do something like hire a nanny so he could continue to work? Or buy a bigger house? (assuming that unlike if you were married, he wouldn't inherit your current home, that would go to the DCs, so he'd need to house them). From that point of view, it makes sense.

Piffpaffpoff · 01/04/2015 10:44

I'm thinking back to 20 years ago when I did my insurance exams, but I think you can take a policy out on anyone provided there is 'insurable interest' and husband and wife comes under that category. Presumably this policy was taken out when you were married? Unfortunately, once the policy is taken out then what happens after that relating to the marriage is of no consequence. you used to be able to get policies 'assigned' to people so that if the life assured died, the payout would go to the assignee but you need the authorisation of both policyholders for that. Who gets the money if the life assured were to die tomorrow will depend on who the policyholders are and how the policy is written.

MaryWestmacott · 01/04/2015 10:45

Actually, I wonder how many NRP have thought through how they would cope financially if the RP died when the DCs were young. If you are a couple, it's much more normal to have life insurance and think about how you'd cope without them.

Does he say you'll get a pay out if he dies too? I would suggest you make your own arrangements.

Piffpaffpoff · 01/04/2015 10:53

I would say it's relatively normal to keep these going in the event of a divorce. Life insurance premiums rise with age, so it's cheaper to keep an existing policy running than cancel it and take out a new one. I don't think there's anything sinister about it but you should maybe try and find out what would happen to it if he dies (I.e will you get the money) and make your own arrangements if necessary.

LotusLight · 01/04/2015 12:23

It is silly if you DON't! most divorce lawyers will suggest you have insurance. Anyone can insure against death of anyone. In fact even before decree absolute it is wise to ensure you have insurance.

If either side might have to pay inheritance tax do put the proceeds in trust to avoid giving 40% to the state.

RedRugNoniMouldiesEtc · 01/04/2015 12:30

It is actually sensible. If you can afford it I would suggest a mirror policy for your benefit. The fact is it will effect both of you and your dc if one of you should die.
Unless you really think he is going to try and murder you and make it look like natural causes/ensure he won't get convicted?

Lonecatwithkitten · 01/04/2015 22:33

I took one out on ExH when we had 50:50 shared care as I need an Au Pair if he wasn't helping. And I still have the policy on the house for the mortgage.
Due to his special ability to f**k things up I am now RP, pay for an AP and get very little maintenance.
On really bad days I fantasise about him doing something spectacularly stupid and these policies paying out. Mortgage paid off, £25K per year.

springalong · 01/04/2015 22:51

We only had ever had life cover through work. We are divorced now but I wonder if I should take a policy out (then plan the perfect murder!)

cece · 01/04/2015 23:00

To me it makes good sense.

If you were to die and he got sole custody of DC then presumably he would incur costs for housing/childcare etc?

StaceyAndTracey · 04/04/2015 09:51

It's normal, don't worry . If it pays out at the end, and it's written in both your names, you will get half . Even if he is the only one who has paid the premiums .

Unless it was part of the divorce settlement, which I'm guessing It wasn't if this is the first thing you knew of it

I know this because Dh and I have just had to pay half to his ex. Even though we paid all the premiums and cared 100% for the children.

we did manage to get her to sign a document to agree her share could be paid to their DS ( now adult ) .

exleodensian · 06/04/2015 13:59

I continued to pay for a joint life first death policy after my divorce as if he died I would have struggled without the maintenance. He didn't know I paid it so had I died, he wouldn't have known it was there to claim, and the Insurance Company would have won. (Rather that than him get it).
Happily, I was able to claim on the policy!!! (The children were adults by this time so it wasn't needed to replace that, so I got a lovely windfall.)

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