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Pricey Penny: Can My Evil Ex-Husband of 38 Years Purchase Life Insurance coverage on Me?

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Pricey Penny,

My ex is a gold digger, on prime of being financially wealthy. Our son had mind most cancers for 4 and a half years. I took care of him his complete life from age 10, together with the 4 and a half years of mind most cancers as an grownup alone.

I must know if my ex of 38 years is legally allowed to take out an insurance coverage coverage. He was by no means, ever concerned in our youngsters’s lives. He disappeared when our sons (twins) have been 10 years outdated. We didn’t hear from him till our sons have been 18.

My ex even professed to say he “didn’t know him” after our son was buried and my ex left. I paid for my son’s life, faculty, funeral and burial bills, and so on. Due to this, I by no means had any cash left over to take out a life insurance coverage coverage on any of my youngsters and even myself.

Can I get any cash from my extraordinarily wealthy ex of 38 years? Can my ex of 38 years take out and acquire on any life insurance coverage insurance policies on the twins and daughter and me?

ALL he thinks about is cash. He lives in a gated Florida neighborhood the place homes are $800,000 to $100 million. ALL his second spouse thinks about is herself. Even at my son’s funeral she considered solely herself. Is there any cash or advantages from my ex for me?

-J.

Pricey J.,

You’ve skilled a heartbreaking loss. I perceive why you need to make certain that your ex-husband didn’t revenue off the demise of your son, particularly since he’s led a lavish way of life whilst you struggled as a single mum or dad.

To take out a life insurance coverage coverage on another person, you could have an insurable curiosity of their life. What this implies is that you simply’d endure monetary hurt within the occasion of their demise. Dad and mom are presumed to have an insurable curiosity within the lives of their minor youngsters. In truth, some mother and father and grandparents purchase whole life insurance for infants as a hybrid financial savings car and insurance coverage coverage.

Spouses are additionally presumed to have an insurable curiosity in one another’s lives. Ex-spouses do as properly in some circumstances. For instance, some divorce decrees would require an ex-spouse to purchase life insurance coverage and make the opposite individual the beneficiary in the event that they’ve been ordered to pay youngster assist or alimony. However to purchase life insurance coverage on an grownup, you additionally want their information and consent.

Basically, right here’s what all this implies for you and your youngsters: There’s an opportunity your ex may have taken out life insurance coverage in your youngsters once they have been minors. However he would have wanted their permission to purchase a coverage on them as adults. As for you, he wouldn’t have been allowed to purchase insurance coverage in your life except you consented to it or it was ordered as a part of a divorce settlement.

There’s at all times the small probability your ex-husband may have taken out a fraudulent coverage. In the event you suspect that this occurred, you may contact your state’s insurance coverage bureau or use the MIB’s web site to seek for a coverage in your identify. (MIB is an insurance coverage client reporting company beforehand referred to as the Medical Data Bureau.)

Sadly, it doesn’t sound like you’ve got a lot recourse for getting cash out of your ex-husband after 38 years. But when he didn’t make court-ordered youngster assist or alimony funds, it might be price consulting with a household lawyer.

Additionally, because you say your ex is rich, you might be able to collect more Social Security based mostly on his report, reasonably than your individual. The truth that he has remarried is irrelevant. In case your marriage lasted no less than 10 years and also you’re not married, this may very well be an possibility.

It doesn’t sound like you’ve got any cause to be concerned together with your ex-husband in case your youngsters are all adults. Attempt to restrict the knowledge you obtain about him and his second spouse. Resist the urge to Google them or look them up on social media when you can. What you discover will solely make you offended. In case your youngsters have any contact with them, you may ask that they solely relay data on a need-to-know foundation.

As arduous as that is, I feel you could let go of any hope that this man will make you financially entire. You stepped up on your youngsters and did the job of two mother and father. I hope you are taking satisfaction in that.

Robin Hartill is a licensed monetary planner and a senior author at The Penny Hoarder. Ship your tough cash inquiries to [email protected].