Insure the life of my ex-husband - How?

bmwmsport

Im in a unique situation. Without having to explain I am still financially dependant upon him for the rest of my life. The payments will stop if he dies. The consent order states that I should insure his life although he has another partner. 
Anyone advise? I cant take out a normal insurance policy - as ppl arent allowed to go around insuring peoples lives without a financial interest.
Please only people reply if you can advise, thanks

davidmcn

If you're financially dependant on him then surely you do have an insurable interest?

bmwmsport

Yeah I do have an insurable interest. But Im just not sure if a company will see it this way? A bit of an odd situation. I need to get this in place before I start to receive payments which may be in a couple of years. Its all complicated due to the way he wanted the money in the divorce to go.
He would have to sign the documentation too.
He's not the easiest to get on with. :-D Maybe the consent order would be enough (as it is stated in there) 

dunstonh

Yeah I do have an insurable interest. But Im just not sure if a company will see it this way?

Its fine, you have an insurable interest. i.e. you are financially worse off in the event of his death.

I cant take out a normal insurance policy - as ppl arent allowed to go around insuring peoples lives without a financial interest.

A normal policy is fine.   Set up as life of another. i.e. you policy owner, him the life assured.

He would have to sign the documentation too.

The key thing is his willingness to provide medical information.

Maybe the consent order would be enough (as it is stated in there) 

It should be but sometimes divorces bring the worst out in each other.

Thrugelmir

The interest would be limited to the pecuniary loss incurred. Suggesting that some form of decreasing life cover would be required. 

bmwmsport

Thanks to both. Really useful. Appreciated 

Elmer_BeFuddled

Hope you've not got a contract out!!!!

(Tongue very firmly stuck in cheek!!!)

Aretnap

Your situation doesn't seem particularly unique - very many people are dependant on maintenance payments from an ex-spouse, and need to insure the ex-spouse's life in case they die while still paying maintenance. Life insurance companies are very used to dealing with this situation. 

(You hint that the maintenance payments are structured in an unusual way, but this is unlikely to change the underling principles)

As dunstonh says, if he's being awkward the biggest problem might be getting accurate and up to date medical information for the application. 

Old_Lifer

He would need to  sign a proposal giving medical details and should also sign an additional declaration saying that he understands the policy does not belong to him.