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Taking out a life insurance policy on an ex-spouse: It’s one of those scenarios that’s been the subject of plot points in books, television, and film – true crime fans, in particular, will recognize it as a foreshadow for nefarious intent. Despite what people think and associate with taking a life insurance policy out on an ex-spouse, though, it’s possible to do and there are legitimate reasons for doing so.

Why & How It’s Possible to Have Life Insurance on an Ex

You can’t take out a life insurance policy on just anyone – if that were possible, life insurance would quickly become rather meaningless. People would have them on their neighbors, coworkers, and even celebrities and politicians. If you wish to take out life insurance on someone else, including a current or former spouse, you must first demonstrate that there is an insurable interest in doing so.

An insurable interest is a legitimate need for insurance. If the ex-spouse is paying spousal support or child support, these are considered insurable interests. If someone receiving these payments has a concern that their former spouse will die before completing child support or spousal support orders, he or she can take out a life insurance policy on that individual.

Other insurable interests can include a business partnership, joint asset ownership, or even shared debt.

Consent Must Be Obtained

Another important matter is obtaining the consent of the person whose life is being insured. It is not possible to take out a secret life insurance policy on someone else – their permission must be obtained, and they must sign the policy.

Because this is a life insurance policy, the party whose life is being insured will also need to provide detailed information about their health history, and they may be contacted directly by the insurer to obtain it. This makes it impossible for someone else to not know that a life insurance policy is being taken out on them.

Do You Need Help Finding Life Insurance?

If there is an insurable interest in taking a life insurance policy on a willing ex-spouse, we at Insurance Specialists, Inc. may be able to help you find one that works for you. Our expert insurance specialists have the skill and experience it takes to match people with the level of protection they need to feel confident about the future.

For more information about our services, please get in touch with us online or by calling (888) 451-0883.