Life Insurance / Divorce

krscott

Hi

First time posting so forgive my etiquette!!

Basically my husbands ex wife after 6 years of divorce has now decided that the life insurance policy they still have together needs to be changed, she has advised him in the event that he passes away that the proceeds will go to her and that if she passes away that the proceeds will go to their two kids together.

She has stated 'that the current insurance does not comply with her mortgage'.

She has been a little underhand in the past so I'm very dubious of this, for what reason would she be doing this other than to stop me getting any money from it (not that I would it would go to the kids) would he be better off just cancelling the policy and taking out a seperate one with just the kids as benficiaries?

There is no 'cash in value' atall on this policy,

Let me know what you think please

Thanks very much

Kelly

krscott

just bumping this up as really need an answer please

thanks

payless

depends how the policty is written ( usually joint policies are done so that survior get the payout, but not always) and whether it was written into trust .
Who is paying the premiums - if she is , then I can see a reason for her to want the money spread that way

Subject to no health restrictions it would be wise for your husband to review what he is paying for - to ensure suitable provision is in place if needed for you and his kids ( from any marriage/ relationship ) .. this may need the policy to be setup in a particular way- so if in doubt take professional advice