I took out a life insurance on my ex husband in 1988 I have always paid it there is no surrender value. He has married again who will be able to claim
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878MikeGG1 postedAre you listed as the Grantee of the policy? If not, then the current wife would probably get the benefit.
Is the policy written under Trust? If so, then the benefit would be payable at the Insurer's discretion.
Do you still have an insurable interest in his life? That might be alimony or some other financial link. If not you might not get payment.
Mike
Posted on 29 April 2012 |
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878MikeGG1 posted
If it is a Term Assurance policy, there would be no surrender value and the only payment would be if he died before the end of the term. Is that likely?
If not, stop paying the premiums.
If it is likely, check with the assurance provider who would get the payout.
The actual name does not matter as long as you have documentation to prove that you are the right person.
By the way, the correct term is Assurance because everyone dies sometime. It is just a question of when. Insurance relates to events that might or might not happen.
Mike
Posted on 01 May 2012 | Love 0 loves
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0mariey posted
Thanks Mike
I cannot surrender it as it only pays out on his death. My name on the policy was my old married name and as I have remarried also do you think this would be a problem as I am no longer his next of kin. I am not sure what you mean by term as far as I know is is just a policy for when he dies.
Posted on 01 May 2012 | Love 0 loves
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878MikeGG1 posted
The policy document should show a class of assurance, which could be Term Assurance, or something similar. It could also refer to a cut-off date which would mean that if he survives to that date the policy would cease.
You first of all need to decide whether the policy is worth continuing. If it is, you then need to find out from the provider whether you would get the payment.
If it is not worth continuing, either because he is unlikely to die before the terminal date or because they wouldn't pay you then just stop paying the premiums.
Mike
Posted on 03 May 2012 | Love 0 loves
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