Life insurance in AZ
Get Legal Help Today
Secured with SHA-256 Encryption
Life insurance in AZ
I receive a pension from the Arizona Retirement System through my ex husband. He is my main source of income. I have read that I am able to legally take out life insurance on him if he is the primary source of income in case something happens to him. He is remarried and if he should predecease me, I would be in dire straights. I am wondering how to go about this and if this law is applicable to the state of AZ? I now reside in FL. I am also on disability which doesn’t amount to much.
Asked on March 29, 2017 under Insurance Law, Florida
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Unfortunately, you failed to have make having such a policy a reuqirement of your divorce. So you may have no recourse at this point. While you appear to have an "insurable interest" (i.e. your ex-husband is your main source of income), a life insurance company will not allow anyone to take out a life insurance policy on another person without that person's consent (and if they can pass underwriting). That having been said, if you do succeed in getting your ex-husband to agree to apply for a life insurance policy, try to be the policy owner and not just the beneficiary. The owner pays the premium so you can be sure that it is getting paid. Additionally, only the owner can make changes to the policy, etc.
Read more: http://www.bankrate.com/finance/insurance/buy-life-insurance-policy-on-ex.aspx#ixzz4cxJ2xijo Follow us: @Bankrate on Twitter | Bankrate on Facebook
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.