Is it legal to own an insurance policy on an ex spouse if there is no alimony or child support involved?
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Is it legal to own an insurance policy on an ex spouse if there is no alimony or child support involved?
an ex-wife owns an insurance policy and want ex-husband to sign it so she can borrow money against it. There was no alimony
Asked on October 14, 2017 under Insurance Law, Missouri
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
In order to own a policy on the life on another you need to have an "insurable interest" in their life. If you are not paying any support - child or otherwise - then your EX-wife has no insurable interest and can not have a policy on your life. Understand that the policy would be in effect to cover something that she was awarded in the settlement to protect that "asset" for her in the event of your death. Good luck.
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