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Q

I am a divorced mother of two daughters. I'd like to take out an insurance policy on their father, my ex-husband, in order to cover the money he contributes to child support in the event he passes. Is that possible? Does it require his consent?

A

Yes, it should be possible to get a life insurance policy on your ex-husband, but it will require his consent.

Since your ex-husband pays child support for your daughters, you have an insurable interest in him, which is what allows you to take out a life insurance policy on him with you as the beneficiary.

You can’t keep the policy a secret from your daughter’s father since he will need to consent to medical records being released, a medical exam for the life insurance provider and sign papers.

It’s difficult to take a secret life insurance policy out on someone, which we consider a good thing. 

If your ex-husband dislikes the idea of you being the beneficiary of a life insurance policy on him, then you could look into setting up a trust as the beneficiary rather than yourself.  That way the money goes into a trust for their benefit, although you could still be the executor of the trust. Here’s more on life insurance trusts for child beneficiaries.

Last updated: Jul. 11, 2014
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Ask the Insurance Expert
Penny Gusner Consumer Analyst
Penny Gusner has been working in the insurance business for more than 10 years. She researches your questions, from the routine to the bizarre, with equal enthusiasm. Read More

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