Insurance Question

[MarkSVirginia]

As per a divorce decree, my ex wife owned a 20 year term life insurance policy on my life and for the last 20 years I paid the premiums. During the last 20 years I was the payee and the insured and the insurance company answered any of my questions regarding the policy. The 20 year term is now complete as of last month and I am no longer the payee on the policy. My ex wife who is the owner has the option to renew the policy at much higher annual premiums. I called the insurance company to simply find out if the policy on my life has lapsed or been renewed and was told by the company that they would not give me any information on the policy as I am no longer the payee, just the insured. Is this standard practice by Insurance companies? I obviously have no control over the policy but would like to know if an active policy on my life exists.
Thanks for any information - Mark from Virginia

 

[DHK]

You are not the owner of the contract.

You are no longer the payee on the contract, should the contract owner decide to continue it.

Your ex-wife had an insurable interest at the time the policy was issued, and that is all that is needed in order for her to continue paying premiums, if she wants.

This is all a standard practice.

 

[goillini52]

As per a divorce decree, my ex wife owned a 20 year term life insurance policy on my life and for the last 20 years I paid the premiums. During the last 20 years I was the payee and the insured and the insurance company answered any of my questions regarding the policy. The 20 year term is now complete as of last month and I am no longer the payee on the policy. My ex wife who is the owner has the option to renew the policy at much higher annual premiums. I called the insurance company to simply find out if the policy on my life has lapsed or been renewed and was told by the company that they would not give me any information on the policy as I am no longer the payee, just the insured. Is this standard practice by Insurance companies? I obviously have no control over the policy but would like to know if an active policy on my life exists.
Thanks for any information - Mark from Virginia

If she renews it............be careful and always look over your shoulder!!!

 

[MarkSVirginia]

Thanks for your response. I understand that she is the owner of the policy and has complete control of the policy. I just want to know if I have a legal right to know if the policy on my life is still active. I am considering going to the the Insurance board of my state and seeing if they can help.

----------

If you knew her, you would know how right you are about me looking over my shoulder. The problem I am having right now is I can't find out if she renewed it or not.

 

[benefits365]

Thanks for your response. I understand that she is the owner of the policy and has complete control of the policy. I just want to know if I have a legal right to know if the policy on my life is still active. I am considering going to the the Insurance board of my state and seeing if they can help. ---------- If you knew her, you would know how right you are about me looking over my shoulder. The problem I am having right now is I can't find out if she renewed it or not.

SHOULD you have a right to know? I say yes, absolutely.

DO you have the right to know? Unfortunately, no.

 

[tlmarketing]

Call back on another day and try again as sometimes you get through with another customer service rep....I would call and tell them that you are thinking of converting the policy and ask them if that option is still available....they might tip you off as to current status on policy..

 

[BNTRS]

Since it's your ex, chances are good that you know her SSN and I'm also betting if you looked you could find the policy number. Now all you need is a female voice and you can get customer service to tell you anything you want.

Is it legal for her to continue to own the policy without your knowledge? Yes. This is why you should have set up the policy as owner yourself and named her an irrevocable beneficiary. Your gripe is more with your attorney and to some degree the agent who wrote the policy. That's who effed up here.

 

[MarkSVirginia]

Thanks for all of the comments and info. I have learned the importance of being the insurance policy owner.