Life insurance & divorce

Scuby

When I was married, my husband and I had policies to insure each others' lives. We got divorced over a year ago and i have since found out that some Life Insurance policies that he had for me are still active. I no longer want him to insure my life and have spoken to the companies providing the cover but they say that they can only deal with the Policy Holder not the person who's life is covered. My ex and I are not really on speaking terms and I am sure he is taking great delight in thinking that if I die he will gain lots of money - is there anything I can do?

Quentin

As long as he is paying the premiums, your objections seem just spiteful. Don't see what you can do to stop him.

FinAdv

Hi,

A person can take insurance on another person's life as long as they have insurable interest.

If you have been divorced then I'm not sure there is still insurable interest in each other. But, on the other hand, the policy has been active since you were married and living together.

I think you should speak to the insurance company and generally ask them about the existing policy and insurable interest.

Best of luck.

starrystarry

There only has to be insurable interest at the outset, doesn't matter if there isn't any later on. With divorced couples there is often still insurable interest anyway, especially if they have children together.

I'm afraid there's nothing you can do about this Scuby, you're only the life assured on the policy, not the owner of the policy so you can't cancel it or amend it or anything.