Divorce and insurance policy

[scarr999]

Hi All,

My Ex wife has a policy, this policy pays 100k to me on her death and 100k to her on my death, she pays the policy but I would like to be removed from this policy, is it possible to force the removal of my name or cancellation of the policy?

Regards


Steve

[Amethyst]

It sounds like you have a joint life insurance policy ?

Do you have any children from the marriage ?

Do you have a joint mortgage together still ? ( it may be a requirement of the mortgage that you have life insurance )

des8

[scarr999]

Hi Amethyst,

Yes the insurance is joint is joint policy, We have two children one 9 and the other 18, we have no mortgage together.

Regards

Steve

[des8]

Hi and welcome
So you both have a joint policy for which she pays the premiums.
Why would you want to change such an advantageous (to you!) set up?
However there is no one answerto thequestion of what to do with joint protection policies if those concerned separate, especially if it is linked to a mortgage.
Cover will remain in place as long as premiums continue to be paid and ownership of the policy will remain unchanged unless either the divorce settlement changes the ownership or the divorcing couple agree to change the ownership themselves through assignment.
You could utilise the ‘separation option’ if it is available on the policy, but not all plans have this.
If the separation option is not available the cover may be cancelled,.but your insurer insurer will require you both to instruct as you jointly own the policy

[scarr999]

It's a long story as my ex has manipulated a lot of things, I am older, statistically I will die first, she has basically set this knowing she was going to divorce (she initiated it). Then to top it off she has made her sister the beneficiary. I of course do not want this.

Regards

SCarr

[des8]

If this is a joint policy How did she manage to name her sister as beneficiary???
If your ex dies first you benefit, not her sister.

Have you contacted the insurers to see if they would allow cancellation or your withdrawal from the policy?
Or (as they apparently are allowing the holders to change beneficiaries unilaterally), ask about setting up a trust for the proceeds to go to your children

Long time since I was involved with life assurance, so things have probably moved on a bit

[scarr999]

Thanks I will try but she holds all the paperwork, when I was married I loved and trusted her, she sorted most things out and I was happy for her to do this as she liked to do it, I know, I was a muppet but in my defense I loved and trusted her and what a crap world we live in if you can't trust your wife!

I don't even know who the policy is with and I don't think she will tell me, even if they did, would they talk to me? on setting up this policy she would have shoved a piece of paper under my nose and just said sign, its insurance so kids are OK, I would have just said OK, all the time with her thinking "we are getting divorced", like I said she is very manipulative and plans to the n'th degree years in advance I have found out now!

Regards
Steve

[des8]

sorry to hear of your situation.
Unfortunately there is little that can be done if you know not the insurer.
I have always thought there should be a central registry for such policies, as they now have in Portugal.
Good luck

[Amethyst]

If the policy is a joint policy then yes they will speak to you as a policy holder. You could have a ring about, name and postcode ( of where you lived when the policy was taken out ) - googling firms might job your memory to recognise a logo or name etc ? Start with the biggest ones like Aviva- maybe go on a price comparison site to find lists of life insurance providers ?

[Phaeton]

I might be well wide of the mark, as I have not been in insurance for over 30 years, but I do seem to remember that you could not insure somebody you had no personal or financial interest in, for instance you could not just decide to insure the bloke who lived 3 doors down from you just because he rode a powerful motorbike & the risk to his life was quite high.

I would call the insurance company & explain the situation, if your ex-wife has no financial interest in you they may intervene, expect to call a couple of times until you get a chicken that actually understands the issue.

[des8]

I might be well wide of the mark, as I have not been in insurance for over 30 years, but I do seem to remember that you could not insure somebody you had no personal or financial interest in, for instance you could not just decide to insure the bloke who lived 3 doors down from you just because he rode a powerful motorbike & the risk to his life was quite high.

I would call the insurance company & explain the situation, if your ex-wife has no financial interest in you they may intervene, expect to call a couple of times until you get a chicken that actually understands the issue.

This policy was taken out when there was an interest in each other, and as such it can continue.
The interest has to be present when the cover incepts, but although that interest might lapse, the cover can continue.
The Life Assurance Act 1774 was enacted to stop evasion of the gambling laws by the abuse of insuring lives by people who had no interest in the assured life.

[Phaeton]

Thank you for the correction I knew there was something