As a life insurance agent, I often get a question … "Can I buy a life insurance policy for my ex-spouse?"
In most cases, yes!
In this guide we give you insider tips on how to get life insurance for your ex-spouse in the easy way, with their full knowledge.
Can You Buy Life Insurance for Your Ex-Husband?
Here are some things to keep in mind:
- He / she may not want to "help" or "follow": Divorce with children can be confusing, especially when trying to determine financial support and who will be the appointed guardian .
- You can legally buy a life policy with his / her knowledge: As long as your ex-spouse is aware and willing, the payment of this policy goes to either you or any children who may be involved.
- Make it EASY possible for them (so they actually go gh with it)
- Buying a life insurance may be mandatory by court decision in your divorce decree.
If so, there is a legitimate need for insurance or “insurable interest. "
The superior reason why a woman takes out life insurance on her ex-husband is superior to protect her maintenance income."
If your ex-spouse dies, and your maintenance ends, there is a case where you need life insurance.
Say that you get paid child support or have children that you both help to complete school or college, the lost income can be devastating. Trying to figure out how to navigate again as a single person is stressful enough.
His death would mean that you have to bear 100% of the financial burden to raise your child / children.
You also have an insurable interest.
Yes, your ex needs to know about insurance
We often hear this question as well, "Can I get life insurance on my ex-husband without him knowing?"  Since your ex-spouse will be the insured, he must answer questions about his health and sign an insurance application.
You can not take out life insurance on your ex-spouse without his knowledge. It's impossible .
In fact, not only will they know about it, but they may need to take a medical examination so that the life insurance company will make an offer.
I & # 39; I have encountered some problems here before when the ex-husband does not want to cooperate in answering questions or taking a degree.
If you have children together, you can consider making them the reception numbers for the children and placing the money in a trust in case of your ex-spouse's death.
If you do not have children or other loved ones to assign to the life insurance beneficiary, sometimes a charity or religious organization will work.
Make Getting Getting The Insurance Easy For Your Ex
As with all forms of resolution, emotions are really high, and for some people, their pettiness knows no bounds.
One of the most important issues you will encounter is finding a way to take the hassle out of buying life insurance for your ex-spouse.  The best way to do this is to simplify the process by only examining the simplified question, no degree life insurance policies. Several life insurance companies, such as Pacific Life or Prudential, do not offer degree policies along with life insurance and life insurance policies.
No degree life insurance will be the fastest way, especially with the application process, to get your ex-spouse covered and out of the way.
You can usually get up to $ 500,000 in coverage with most carriers.
No degree policy requires no examination and usually a telephone application and some personal information. The best do not request medical records.
Your goal is to get this process as fast as possible; we want to avoid a lengthy process that causes him to take
Existing health conditions?
AIG Direct specializes in insuring people just like you. From high blood pressure to diabetes, AIG Direct has seen everything and since they have access to several companies, they can find the absolute lowest prices! Click below to see if you qualify.
The quote is fast, easy, and free!
Who needs to be involved in purchasing the policy?
Four different parties are involved in the purchase of a life insurance policy:
1. The insured
When we talk about the insured, we are mainly talking about the person we cover, not the owner of the insurance. In this case, it would be your ex-husband.
2. The owner
The policyholders are the only persons who can make changes to the policy. They are the only ones who can cancel it or change the receiver. The policyholder has the final say in how the policy works.
3. The payer
The payer will be the person responsible for making the premium payments, and they may be separate from both the owner and the insured. But in most cases, if you are a payer, you probably want to be an owner as well. If you pay for life insurance on your ex-spouse, you want to make sure that he can not make any changes to the insurance.
RELATED: Check Examples of Life Insurance Rates by Age (No Personal Information Required)
There are two types of beneficiaries, primary and conditional or secondary. passing away. You can have more than one primary recipient as long as the division of money is equal to 100%.
Contingent or secondary: The secondary beneficiary, almost always shown as the conditional beneficiary, will be the next person (s) you want the policy to be paid out if the insured and primary beneficiaries die. You can have more than one secondary beneficiary as long as the division of money is 100%.
In the above example, if you, your husband and your mother all died at the same time, the money would pay out 50/50 to your son and daughter.
What does all this mean?
In most cases, you would be the owner, payer and beneficiary. Your ex-spouse would just be the insured.
Be sure to tell him that he would not be responsible for missed payments – ever. As an owner, you have 100% control over the insurance.
You can change the beneficiary, payment mode or frequency or even reduce the face amount (death benefit).
For a permanent life insurance, forward policy and other cash value policies, the owner would also have full control over the cash value, including access to cash or loans. Your ex-spouse would have no control or access to the insurance, and structured like this, would not in any way benefit from being insured on the insurance.
Frequently Asked Questions About Insurance Of An Ex
Can A Man Buy Life Insurance For His Ex-Wife?
Yes. Everything written above applies in both cases.
Can I buy life insurance from my boyfriend or girlfriend?
Yes, again – as long as there is legitimate insurable interest. I wrote an article on this issue, which is here .
FIND OUT IN 2 MINUTES IF WE CAN HELP YOU COVER YOUR EX-MAN
it may be easier to work with an agent when trying to decipher your life insurance needs.
Your agent can be like your "Insurance Counselor" and help you through this process together.
This is especially true for people who did not have a messy divorce agreement.
Skip the needles!
Do you want to take the "pain" out of life insurance? We do not blame you! Bestow is one of our most recommended companies without a degree that offers 10 and 20 year plans up to 55 years. See if you qualify for "no degree" today.
The quote is fast, easy, and free!  * While we do our utmost to keep our website up to date, please be aware that "current" information on this site, such as quotation estimates or relevant company information, may only be accurate from the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Contact your own legal or tax advisor.