Can my ex wife get my life insurance?

Can my ex wife get my life insurance?

Yes, life insurance is part of financial planning for families, but it should still be part of the picture when you get divorced. Make sure the ex-spouse making the payments has a life insurance policy that names the other as the beneficiary, to cover spousal and/or child support.

What happens if I outlive my life insurance policy?

It’s a term policy, but if you outlive it, you’re returned your premiums. So it’s a guarantee because either your beneficiaries receive the death benefit or you’re returned all the money you’ve paid in. Return of premium term life insurance is more expensive than a regular term life insurance policy.

Does beneficiary override spouse?

Under ERISA, if the owner of a retirement account is married when he or she dies, his or her spouse is automatically entitled to receive 50 percent of the money, regardless of what the beneficiary designation says. A spouse can forgo his or her right to 50 percent of the account by properly executing a Spousal Waiver.