I Have Life Insurance On My Ex-Husband

Zander shops all the top term insurance companies to save you money. Get started at zander.com. The good news is I got married three weeks ago. Congrats. Thank you. We have a situation where my husband and I need some guidance on. So before this marriage, I was married before. I've been divorced for about eight years now. In my first marriage, I took out a life insurance policy on me and one on my ex-husband. They're $500,000 term life insurances on each of us. After the divorce, I kept the life insurance policy on both me and him because he was paying child support and other expenses and if something were to happen to him, you know, you know, it would be difficult. So anyways, with that, my new husband, he's like, he says it feels weird to pay life insurance on my ex-husband. He's not 100% against it, but he's not 100% for it and he doesn't know what to do. But then on the other hand, you know, I want to make sure my kids are taken care of because we have a set of 14-year-old twin boys who are about to go into high school, you know, we're staring down college, you know, there's just so much going on at this stage in life. And if I want to make sure something were to happen, that they're taken care of. But on the flip side of that, I also want to respect my husband's decisions and follow his lead, but then he's like, he's like, he doesn't know what to do. So we're like, so go ahead. I can see two sides of it. I can see how, I'll tell you how my brain is seeing it. Obviously, the purpose of insurance is to replace income that's necessity, right? So before you were married, obviously, yeah, this guy was, you know, you were married to him, so he was part of the income situation. And then even as an ex, maybe he was paying child support or alimony, that sort of thing. At this point, now you're married to somebody else, there's kind of a new situation going on financially. The only piece of this that I could see a connection to is the kids. If your ex-husband was saying, hey, this is kind of an inheritance thing. When something happens to me, I want the kids to have this money. That piece I can totally understand and them being the beneficiary of that makes sense to me, if that's something that he wants to do from a legacy perspective. And as your current husband, I don't know that that should bother me to that extent because this is their dad. So how are you guys viewing it? Is he viewing it from more from a marital perspective or more from a children's dad's legacy perspective? There are basics every family needs. Food, shelter, transportation, and term life insurance. Term life is simple. If you pass away, it pays money to your family so they can keep paying the bills. Protecting the people you love is part of winning with money. And when you're ready to do that, go with who I trust. Zander Insurance. Zander shops top companies to find the right coverage at the best price and they've earned my recommendation for nearly 30 years. Go to zander.com today. So how are you guys viewing it? Is he viewing it from more from a marital perspective or more from a children's dad's legacy perspective? Well, Mike's husband, his health, it was difficult to get the life insurance to begin with and like he had gotten rejected multiple times over the course of the times we have tried and so his health is not great as we speak. And then so I also got that in the back of my mind and then but my new husband he's like, you know, he's a truck driver so he makes pretty good and, you know, he's adamant that, you know, these are his kids. He will do whatever he can to take care of them. But the fact of the matter is, you know, he's a truck driver. I'm a teacher. There is only so much money that we make and and with being a teacher education is important to me. So I want that option to be there for my kids to be able if they want to to go to college, whatever college. If your ex-husband said I want you guys to keep this policy and the purpose of it is for the children's college and if my life exceeds that then it's there for them, you know, as they begin their life and start their life, then I think that's a wonderful thing. And I hope that he has a will and some documents that can really outline some of those things that he wants for his children. There's part of this. I am the policy owner. I got it through so I'm the one who's always paid. And you're listed as the beneficiary, I guess. I am the beneficiary of the policy. I always have been. So I don't even think he even remembered he had we had the life insurance policy until the other day when I called and talked to him about it. Well, the main distinction is you are not hanging on to this policy to hang on to the past. You're hanging on to it to protect your kids' futures. So until they are independent, on their own, they're through college, they're working, okay, now they're fine. But right now the truth is, let's say you got rid of this policy, well, you might not be able to afford college and support them. And so part of having kids is it's your obligation to support them. Now that might be through child support, that might be because you want to, but I would keep it for that reason and it really has nothing to do with, you know, the new husband. And so I totally understand his side of it. So I don't want to diminish that. It is uncomfortable. But that's the nature of a broken marriage and kids from a different father. That's just part of what he signed up for. There's a little bit of this discomfort and messiness. And if, I mean, I'm trying to put the shoe on the other foot. If for some reason my kids, I was separated from them through, you know, a divorce, I would. I'd want them I'd want them to still have life insurance on me so that they have access to whatever money I've accumulated or, you know, obviously get that death benefit, if I were to leave this earth, so I can totally, totally understand it. And it's just a good lesson, guys. Life insurance is so important. I said it earlier, but I'll say it again. The purpose of life insurance is to take the place of income that people are dependent on. So you don't take out life insurance policies on children. You take them out on working individuals and we always suggest 10 to 12 times your yearly income is what you would need.