As a life insurance agent, one question I often get asked is…“Can I purchase life insurance on my ex-husband?”
In most cases, yes!
In this guide, we’ll give you insider tips on how to get life insurance on your ex-husband the easy way, with his full knowledge.
Can You Purchase Life Insurance on an Ex-Spouse?
Here are a few things to consider:
- He/she may not want to “help” or “comply”
- Buying it legally with his/her knowledge
- Making it as EASY as possible for them (so they’ll actually go through with it)
You Must Prove “Insurable Interest”
You have to be able to prove that your ex-husband’s death would financially impact you.
If so, there is a legitimate need for insurance, or “insurable interest.”
By far, the #1 reason a woman takes out life insurance on her ex-husband is to protect her alimony income.”
If the ex-husband dies, and your alimony payments stop, there’s a case where you need life insurance.
Say you’re getting paid child support, or have children you’re both helping to put through school or college.
His death would mean you have to bear 100% of the financial burden of raising your child/children.
You too have an insurable interest.
Yes, Your Ex Must Know About The Insurance
Since your ex-husband will be the insured, he will need to answer questions about his health and sign an insurance application.
You can’t take a life insurance policy out on your ex-husband without his knowledge. It’s impossible.
In fact, he will not only know about it, but he may have to take a medical exam so the insurance company will make an offer.
I’ve run into some trouble here in the past when the ex-husband doesn’t want to cooperate with answering questions or taking an exam.
If you have children together, you might consider putting the children down as beneficiaries on the policy, and tell him so, to get his cooperation.
If you don’t have children, sometimes a charity or religious organization will work.
Make Getting The Insurance Easy For Your Ex
As with any form of breakup, emotions are really high, and for some people, their level of pettiness has no bounds.
One of the most significant issues you will run across is finding a way to take the hassle out of buying life insurance for your ex-husband.
The best way to do this is to simplify the process by only looking into simplified issue, no exam life insurance policies.
No exam life insurance is going to be the fastest way to get your ex-husband covered and out of your way.
You can usually get up to $500,000 in coverage with most carriers.
These policies will require no exam and usually a telephone application, and the best ones don’t request medical records.
Your goal is to get this process over as fast as possible; we want to avoid a long drawn out process that getting an exam will have him take.
Who Needs to be Involved in Purchasing the Policy?
Four different parties are involved in the purchasing of a life insurance policy:
1. The Insured
When we talk about the insured, we are mainly talking about the person we are covering. In this instance, it would be your ex-husband.
2. The Owner
Policy owners are the only people who can make changes to the policy. They are the only ones who can cancel it or change the beneficiary. The owner has the final say in how the policy works.
3. The Payor
The payor is going to be the person responsible for making payments, and they can be separate from both the owner and the insured. However, in most cases, if you are the payor, you probably want to be the owner as well. If you are paying for life insurance on your ex-husband, you want to make sure he can’t make any changes to the policy.
4. The Beneficiary
There are two types of beneficiaries, Primary and Contingent or Secondary.
Primary: The primary beneficiary is the first person(s) you want the money to pay out to if the insured passes away. You can have more than one primary beneficiary as long as the split of the money equals 100%.
Contingent or Secondary: The secondary beneficiary, almost always shown as the contingent beneficiary is going to be the next person(s) that you would like the policy to pay out to if the insured and primary beneficiaries pass away. You can have more than one secondary beneficiary as long as the split of the money equals 100%.
In the above example, if you, your spouse, and your mother all passed away at the same time, the monies would pay out 50/50 to your son and daughter.
What Does This All Mean?
In most cases, you would be the owner, payor, and beneficiary. Your ex-husband would only be the insured.
Be sure to tell him he would not be liable for any missed payments – ever. As the owner, you have 100% control over the policy.
You can change the beneficiaries, payment mode or frequency, or even decrease the face value (death benefit).
For whole life or other cash value policies, the owner would also maintain complete control of the cash value, including having access to cash or loans. Your ex-husband would have no control or access to the policy, and structured like this, would in no way benefit from being the insured on the policy.
Frequently Asked Questions About Insuring an Ex
Can a Man Purchase Life Insurance on His Ex-Wife?
Yes. Everything written above applies to both cases.
Can I purchase life insurance on my boyfriend or girlfriend?
Yes, again – as long as there is legitimate insurable interest. I wrote an article on this question, which can be found here.
FIND OUT IN 2 MINUTES IF WE CAN HELP YOU COVER YOUR EX-HUSBAND
It’s really important to understand your options and honestly, it can be easier working with an agent when trying to complete this process.
Your agent can be like your “Insurance Counselor” and help you guys through this process together.
This is especially true for people who didn’t have a messy divorce.
Interested in a Life Insurance Quote? Simply use the form on the upper right-hand side of this page, or give us a call at 888-603-2876 and we will assist you with getting coverage on your ex-husband today.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.