Life insurance on ex-husband
I will be the beneficiary of a life insurance policy from my ex-husband. What is my first step before accepting the money.
Terry Says
Well, the first step is he has to die! Then, if you are the named beneficiary on the policy, they will send you a check. Tax-free. Just deposit it in your bank account.
Seriously, from the tense of your post, I can’t tell if you are n the midst of a divorce and just negotiating this plan.
In that case, here’s a VERY important point: You must be the OWNER of the policy, as well as the beneficiary. He should be giving you the money to pay the premiums.
That’s because the owner can change the beneficiary at any time, or let the policy lapse. If he did that, you wouldn’t find out until too late!
I hope that’s not already the case. Suing your ex’s estate because he ignored a court order is not going to be an easy thing to do.
