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Does anyone's husband have a life insurance policy on himself

where you (the wife) is the beneficiary?

Are you also the owner of the policy?

Let me explain, I use to work for MetLife as an agent and still have my insurance license. The reason I ask if you are the beneficiary and the owner is because the owner of the policy is the one that can make changes. Why is this important you ask? Because if you're husband has a policy and you are not the owner, he can change the beneficiary without your knowledge. Why is that important you ask? Well, we had a case where the wife of the deceased (they were married for about 37 years) called with an original $500,000 policy in hand and when we looked up her information, he had changed the beneficiary of the policy about 5 years earlier into his 29 year old mistresses name and there was absolutely nothing, nothing the wife could do about that. Now how you like them apples?!?!

 
ShouldHaveLeft

Asked by ShouldHaveLeft at 2:55 PM on Nov. 23, 2010 in Money & Work

Level 23 (16,621 Credits)
This question is closed.
Answers (17)
  • You guys are so smug in your ignorance! Tell that wife of 37 years to take "I trusted him" to the bank! Everything comes down to the dotted line. If you are so ignorant to think that this could NEVER happen to you; because your husband loves only you; yadayadayada; then you deserve what you get should it happen to you 37 years down the road. The old coot was probably out of his mind; I*'ll give you that; but it's hard to prove that after the fact! The 29 year old whore will get what is coming to her down the road because Karma is a bitch when she bites you back!
    MamaAlice54

    Answer by MamaAlice54 at 7:09 PM on Nov. 23, 2010

  • So how can you be the owner/ I thought you couldn't own a life insurance policy on someone else either...

    Anyway I bet that does happen every once in a while. And yes I did know it could happen. But like the first poster said I trust my husband.
    Erica_Smerica

    Answer by Erica_Smerica at 3:08 PM on Nov. 23, 2010

  • I am in insurance too and I was going to explain to you what you just explained! Good explanation lol. I would own it for sure... jerks!
    bjojola

    Answer by bjojola at 2:57 PM on Nov. 23, 2010

  • I always thought you could not get a life insurance policy on another person? That's what I alway have been told by them(life Insurance people).
    louise2

    Answer by louise2 at 2:59 PM on Nov. 23, 2010

  • You have to have an insurable interest at the time of application to take out a policy on someone... child, spouse, employee etc.
    bjojola

    Answer by bjojola at 3:00 PM on Nov. 23, 2010

  • The owner can change the beneficiary whenever they feel like it and are of sound mind... but only the owner can make those changes.
    bjojola

    Answer by bjojola at 3:11 PM on Nov. 23, 2010

  • Being their beneficiary doesn't mean jack...you need to also be the owner of the policy to make sure you and your kids are protected.
    ShouldHaveLeft

    Comment by ShouldHaveLeft (original poster) at 3:00 PM on Nov. 23, 2010

  • Correct bjojola...but I'm not even talking about you taking the policy out on them...I'm talking about a policy he may have taken out and put you as a beneficiary. You still need to be the owner to avoid anything happening like what I mentioned in my original post.
    ShouldHaveLeft

    Comment by ShouldHaveLeft (original poster) at 3:03 PM on Nov. 23, 2010

  • Erica_Smerica...you know what, I wish I could accurately describe the look on the poor wife's face when I told her about the OW. She had no idea because she also "trusted" her husband and it happens more than every once in a while. Stuff like this happens a lot!
    ShouldHaveLeft

    Comment by ShouldHaveLeft (original poster) at 3:14 PM on Nov. 23, 2010

  • DH and I have a very open relationship about money, insurance, etc, and we have a good agent.
    That would sure piss me off, though!! Especially since we have a kid together.
    musicpisces

    Answer by musicpisces at 3:34 PM on Nov. 23, 2010

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