How Does Life Insurance Work In A Divorce?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaUnless a change is made by the owner of the life insurance policy or court ordered coverage is imposed, nothing is affected. Generally, if the parties are amiable, cross ownership by the parties for the benefit of their children is the first approach. Remember, policy ownership controls the contract. Any change in ownership could trigger a taxable event with permanent cash values.Answered on May 29, 2013+01+1 this answer
0flag this answerview more answers by David Racich.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.When a couple has existing life insurance, they need to work out on their own, or with their attorneys, or by court order, what to do with those policies. They may want to simply adjust owners and/or beneficiaries. Or they may choose to terminate the coverage and buy new. It is almost always a good idea to have separate policies for an ex-spouse and new spouse.Answered on December 4, 2014flag this answer
Did you find these answers helpful?
Yes
No
Go!
Add Your Answer To This Question
You must be logged in to add your answer.
