Post nuptial vs. Life or accident Insurance policy?
Me and my husband just had a post nuptial agreement. My agreement is everything that he bought life insurance before and after our marriage either accident, term or family plan insurance for me that he is the beneficiary will be voided effective that date and in the future.
My question is they say some life insurance company depend on State where you at can supersede or override the post nuptial. So if that’s the case the post nuptial that we agreed upon is nothing will be a waste. And if my husband bought insurance like family plan life/accident insurance again without my knowing he can still collect and claim his money if something happen to me. How true is that? Which is more powerful life insurance policy law or post nuptial agreement law. I’m from Michigan
Corey
August 13th, 2008 at 4:41 PM
Arthur
Er… if you’ll pardon the obvious, it’s really a non-issue. He can (and should) contact the specific insurance companies and file the forms to update the beneficiary. Period.
Yes, I suppose you could gamble and try to enforce the post-nuptual agreement after the fact, but that seems kind of silly since it’s just a matter of signing a few papers to take care of it now. Why risk it?
August 16th, 2008 at 7:16 PM
Edith
The insurance company is required to pay the beneficiary and the agreement will not stop that. The beneficiary of the policies will need to be changed or cancel them outright. However, if he owns the policies you cannot legally change or cancel them without his consent.
August 17th, 2008 at 11:40 PM
Melvin
He could not have taken a policy out on you without your knowledge. You had to sign the application and been processed, if he is beneficiary and you as policy owner. If you want, trash the original and get a family plan that covers the main breadwinner, that person’s spouse and all children both present and future, ALL on one policy. Think more along the lines of term insurance and set up a retirement account.
The policy will supercede anything you do including the post-nup.
August 21st, 2008 at 8:47 AM
Sara
Whoever owns the policy, can just go ahead and change the beneficiary agreement, unless it’s “irrevocable”.
A post nuptual agreement isn’t going to change beneficiary clauses.
I’m assuming he’s the policy owner - which means, he gets to pick the beneficiaries. If YOU are the policy owner, then YOU get to pick the beneficiaries.
Policy owner and “insured person” can be, and frequently are, two different things.
August 23rd, 2008 at 2:22 PM
Joyce
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August 26th, 2008 at 8:13 PM
Vicki
Life insurance is a contract, the only way it can be changed is if the owner of the policy changes the contract with insuring company.
Wills, Trust and post nupts are all secondary to the contract between the owner of the policies and the insurance company.
In other words, what ever is in the policy with regards to who is the beneficiary, is who the money goes to in the event of the insureds death. If you and your husband where to go your seperate ways, and he never changed the beneficiary on his life insurance policy, and you where named as the beneficiary, by contract you would get the money.
Post nuptuals are good for assets that are accumilated after the marriage is dissovled, Pre nuptuals are for assets that were accumilated before. Nothing trumps the contract of the insurance policy.
August 29th, 2008 at 10:20 PM
Rose
No doubt the easiest way to get insurance quotes is on the web.
Why would you waste your time on the phone calling around?
the last time i needed quotes on insurance i used one of these comparison sites and it was great.
this is the site i used and it was quick like less than 5 mins.
The last thing I want to do is listen to elevator music while waiting for a salesman.
Anyway I got good quotes and ended up saving money so I was happy.
So shop around and compare quotes which is easy on the net.
Good starting point is at this site.
Good luck.
September 2nd, 2008 at 2:21 AM
Lydia
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