One of the questions that we are frequently asked at Advantage Insurance Network, serving the greater Cincinnati, OH area, is whether you can take out a life insurance policy on an ex-spouse to benefit the children. Many ex-spouses are concerned that if their ex-passes away, the children will lose out on child support or financial support throughout their life. If you are wondering if you can do this, there are two things you need to know.
What the Divorce Decree States
If you are trying to determine if you can take out a life insurance policy on your ex, one of the first places you may want to look is the divorce decree. In many cases, your ex is required to maintain any existing life insurance policies that benefit you or the children. If there are none in place, your decree may state you can obtain one with you and/or the children as the beneficiaries.
If Your Ex Will Allow It
If your divorce decree does not state anything about a life insurance policy, you will want to talk to your ex about it. If you agree to pay the premiums and it benefits the children, they may have no issue with you doing it. However, if they do not want you to, there typically is nothing you can do about it. In most cases, you have to have their permission or consent in order to take out a life insurance policy on them.
If you are looking to take out a life insurance policy on either yourself or your ex-spouse to benefit your children in the greater Cincinnati, OH area, Advantage Insurance Network would love to help. Call us today and one of our friendly agents will help you get started.