A spouse (Husband) purchased a life insurance policy his wife. The wife is the insured and husband is the Policy owner. Can the Husband keep the policy after divorce??
It is legal for the Husband to continue a life insurance policy on the Wife even after divorce, provided that he (Husband) is the owner of the policy.
The owner is the only one authorized to make changes, pay premiums, etc. You can find verify the policy ownership by looking at the original application attached to the back of your policy. If he (Husband) is the owner, he pretty much can do whatever he wants.
However, if you -- the person who is insured & is also the policy owner, then it's up to you whether or not to keep the policy. He can maintain the policy only if you are willing to transfer ownership to him or if he is able to get a court order in the divorce that would mandate that ownership of the policy be transferred to him.
It is legal for the Husband to continue a life insurance policy on the Wife even after divorce, provided that he (Husband) is the owner of the policy.
The owner is the only one authorized to make changes, pay premiums, etc. You can find verify the policy ownership by looking at the original application attached to the back of your policy. If he (Husband) is the owner, he pretty much can do whatever he wants.
However, if you -- the person who is insured & is also the policy owner, then it's up to you whether or not to keep the policy. He can maintain the policy only if you are willing to transfer ownership to him or if he is able to get a court order in the divorce that would mandate that ownership of the policy be transferred to him.
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