Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
If you have an insurable interest you may purchase life insurance on your ex-husband. That would probably mean that he is responsible for child support or alimony. While it requires his cooperation that cooperation can be ordered by the court. You should be the owner, payer and beneficiary of the policy. That way there is never a question of the policy having lapsed or the beneficiary being changed without your knowledge.
Being divorced myself, many years ago, I was required to have life insurance on myself for the benefit of my son, ordered through the courts. Today, I like to recommend looking at one of two types of insurance: the first being a term policy with a Return of Premium (available on a 20 or 30 year term) so when the kids are out of the house, you get all your money back but if something happens, the death benefit is there. The second is a permanent policy which you can change the beneficiary later. This keeps a policy in place after the kids are old enough where the life insurance is not required any longer.
Take a look at your immediate needs and goals along with your long term goals if you have the time to do that during this process.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Can you buy insurance on your ex? Possibly. He must either consent to be covered or through the court system, he may be required to purchase a policy. Ownership of the policy could go either way depending on consent or court decree. There is an insurable interest where support payments are involved.
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Take a look at your immediate needs and goals along with your long term goals if you have the time to do that during this process.