How Do You Find Out What Life Insurance Policies Your Husband/spouse Has Take Out On You?
Posted July 28, 2009 – 10:16 pm in: structured settlements FAQI am a woman in general good health with no ailments or terminal disease. My husband had a $500,000 life insurance policy on me. I had originally signed a much lower amt to cover any funeral fees (the basic) for unexpected death, however, he deliberately raised it this much to half a million dollars without my knowledge. He currently has other life insurance policies, however, has mentioned it is only placed on him. I called the life insurance company in question and asked my policy to be deleted, however, I was told that it was not possible because my spouse was the Primary holder of that account. ALSO, I was told that even after a divorce, he could still have that insurance on me and there wasn’t anything I could do about it. I am currently divorcing him over this matter and we have 4 children. How do I find out all of the insurance policies he may have on me and the kids?
Any advise would be appreciated.
3 Comments
True, only the policy owner can cancel a policy, or change the beneficiary. Once you give permission, that’s it.
HE can take out as many policies as he wants on the kids, too, because they are HIS, and you can’t do a blessed thing about it.
But as you found out, he needs YOUR permission, to take out the policies on you – and you’ve only given permission for ONE policy, so that’s all there is.
If it’s any consolation . . . $500,000 isn’t an unreasonable amount of insurance to handle him raising 4 kids on his own. There’s some expense there, ya know?
You should already know. You have to get a physical for 99.99% of insurance companies issuing over 100k. If you had a physical, bloodwork etc, then he might just be taking out more insurance. Advice- stop getting insurance physicals and your problem will stop.
ask your attorney to find out for you.
he can do so..
you may even get the policies converted over to you as part of the divorce settlement. esp the ones on the children.