Legal Question in Family Law in New York
Life Insurance Policy
I just recently finalized my divorce when I discovered my life insuance policy holder is actually my ex-husband. I make the payments but he owns it. I would like to cancel it and take out my own, but the company will not let me cancel it, my ex-husband has to. I stopped paying the premium immediately. My ex-husband who has publically threatened to kill me in the past is refusing to cancel the policy. He says he is going to keep it up. He is the sole benificiary of this policy. Since we are legally divorced, can he keep this policy? I plan on taking this back to my own lawyer if I have to, but I would like to have a legal reason first if there is one. Thank you for your time.
1 Answer from Attorneys
Re: Life Insurance Policy
A former or Ex spouse may continue to own, hold and pay for an insurance policy obtained on the life of the former spouse, if the policy was placed, during the marriage.
However, if the policy lapses, the Ex spouse may not acquire a "new" or "reinstated" policy on the life of the former spouse.
If you had a policy on the life of your EX, you would be entitled to maintain that policy too.
Good luck,
Phroska L. McAlister,ESQ
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
