How Do You Remove Ex As Benefactor On Life Insurance When Ex Refuses To Provide Name Of Company?
Posted July 6, 2009 – 10:22 pm in: structured settlements FAQex girl friend took out life insurance on my husband when they were together, they broke up over 10 years, and ex will not cancel policy or provide name of company. ex is still listed as a benefactor, what should current wife do?
Tags: Benefactor, Company, Insurance, Life, Name, Provide, Refuses, Remove, When
5 Comments
It is kind of creepy that the ex is still paying for a life insurance policy 10 years later – kind of like she is betting on his death.
There is nothing you can do about it though. She is the policy owner and as long as she pays the premiums the policy remains in force.
However, if it was a term policy it will eventually run its term and expire. i.e. If she purchased a 10 year term policy it would be expiring or already have expired. Your husband would have to re-qualify for a renewal. Which, of course, he would not consent to.
How do you know the policy is still in force? Maybe she is telling you that just to be an irritant.
You could cancel the life insurance and take out a new policy all together – your best bet is to talk to a free service that provides life insurance brokerage, such as a bank that provides life insurance. OR ring your current policy company and ask them – they usually have hotlines of some sort.
How could he not know the insurance company? He had to sign the documents when the policy was issued.
Only the owner of the policy can cancel the policy. The ex could give you the company name and policy number and there’d be nothing you could do. The only way you could cancel the policy is if you are paying on the policy. A policy will cancel for lack of payment.
Agree with Zarnev. Beneficiaries don’t sign paperwork to be beneficiaries – they are designated as such by the policyholder.