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Damien Bosco
Damien Bosco, Attorney
Category: Estate Law
Satisfied Customers: 2559
Experience:  Helping you with your legal questions.
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When I was still married to my ex spouse I had a life ins

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When I was still married to my ex spouse I had a life ins policy on him. He was the owner with me the beneficiary and I paid the premiums.
JA: Estate laws vary by state. What state are you in?
Customer: Then we divorced and I kept the policy. I still paid the premiums I we had a form signed/notarized that I could be added as additional owner after I took back my maiden name. I live in minnesota. He filed the papers, there were no lawyers and I was not at the court hearing. In fact, I don't know if he went to court. But I have a copy of the divorce decree although it says nothing about the life ins policy.
JA: What documents or supporting evidence do you have?
Customer: I have a signed notarized document with both out signatures adding me as owner. The policy is term, and is up for renewal in 2024. He is 63 yrs old.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Well I recently got remarried and sent him a form asking him to sign and notarize a document having me the single owner. When he saw on the form I remarried he was angry and refused to sign it, So now if I want to renew the policy in 2004 and he's still living, I cannot do so without his signature.

Hello. My name is***** am an attorney. I will review your question. I may need to clarify facts first. I will answer & we can discuss issues.

Did you present the signed agreement to the insurance company? If so, what did it say?

Customer: replied 9 months ago.
policy has a notarized copy of the life ins policy which has he and I as joint owners and me the beneficiary. Ive always paid the premiums. Its up for renewal in 2004. If he's still livg id want the option to renew. This is a term policy. But i cant e w/ out his signature. And he wont sign the policy to make me single owner. We liv in minn

Hi again: Unfortunately, you would need his signature to renew. Each insurer has its own policies. Possibly you can receive new term insurance. It may end up costing the same amount. If you want to renew your term policy after it expires or buy a new term policy at that time, your age, health status or other factors are taken under consideration. Sorry about the news. I know the answer is not quite what you wanted to hear but at least you know what can happen. Best regards.

Customer: replied 9 months ago.
But if he dies before 2004 the renewal date can i still collect on the policy?

Hello again: From what you say, the policy is still in effect until 2024. So, as long as payments are made and you are the beneficiary, you would be able to collect on it.

Customer: replied 9 months ago.
Ok. Even though we r joint owners? I want this clarified for the state of minnesota

I am not quite sure of your concern. Both of your names are ***** ***** owner of the insurance as owner on his life. You are the beneficiary. If he dies before the term ends, you would receive the payout.

Customer: replied 9 months ago.
Ok thx. I just couldnt believe a mn life. Ins agent didnt know the answer. So thx.

You are welcome.

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