Can you get a life insurance policy on an ex spouse?
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Can you get a life insurance policy on an ex spouse?
Yes, you can take out a life insurance policy on your ex-spouse if there is an insurable interest such as maintenance (alimony) and/or child support and your ex agrees to sign the application and go through underwriting.
Are life insurance premiums considered alimony?
“Generally, when the former spouse is required, under the divorce decree or agreement, to own and maintain a policy as security for post-death payments, installment premiums of the proceeds would be taxable as alimony to the recipient spouse,” says Nasser Zaer, national training and development director at Vantis Life …
Can life insurance beneficiaries be contested?
Contesting a life insurance beneficiary is difficult and may result in a legal battle. It can consume a lot of time, energy and money. The final decision rests in the hands of the courts, not in those of the insurance companies. And it’s simply difficult for someone to challenge a life insurance policy contract.
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.
