Insurance Policy


#1

My question is pertaining to an insurance policy. My husband and I have filed our separtion papers on Dec. 16, 2009. My attorney had agreed that since we have been married for over 26+ years that he assist me in getting an insurance policy as him being the insured or we could keep the one we had in place where he was the owner, insured and me listed as the benificary. Well we kept the one that was already in place and in the agreement he said that starting Jan. 1 2010 , wife shall become the owner of and be responsible for making all premuim payments on the policy so long as I wish and maintain those policies. And for him he would be the owner and be responsible making all premium payments on his universal life policy as long as he wishes to maintain that policy.
I did take over the payment and back in Jan. I was able to view the policy and see what changes were made if any, and now since he has informed the insurance company as me being the payor, I can not see what is being done. Do I have the right to this policy to see and view and make any changes as I please to without his consent. I have emailed the company which is USAA and they told me he would have to authorize any changes to allow me to do anything, is this how it works or does he have to have them make me the owner with him listed as the insured and I can choose to do what I want with the policy. Right now its a term 20 and I want to convert it over to a regular policy. I have question him on this and he has said through email, is that he is not giving me full access to control any part of my life dead or alive. He said he was also adviced from USAA have several options to choose from…Give you full ownership (not advised by USAA), Co-Ownership or Joint Ownership. The term life policy is good until 2025 and you have until 2023 to convert it without any penalties.
He is currently in school and has asked that I give him time to sit down and look over the agreement again. I called and tried to talk to him, but for him he only see that its blood money. I told him then he can assist me with getting another policy as me the owner and him the insured and that he would have to pass the physical, he said well thats only if I pass, not sure if this was his way saying he would try not to pass it. He is in the military and he has to have a physcial every year due to his type of job. I need advise on what to do. I am in Florida now, due to his all of sudden actions for filing a separtion/divorce and he is station in Texas getting ready to head off to combat soon. What are my rights on this and do I have to agree to him staying the owner of this policy, as he said he is not going to allow me to be the sole owner without him being able to see changes and make decissions on this policy. My case is closed with my attorney as of Jan, so I need some advice and help please.


#2

I heard Lee talk about my question today on the talk show (March 3, 2010). I am not sure if I totally made myself clear about the insurance policy. The policy that was agreed to be made to me as the owner and make the payments is the one I was talking about. As I listen to Lee, I want to know if he was talking about him being the owner, of this policy which he is , and this is the policy that was suppose to be turn over to me as owner, and making payments. For this policy does he need to let the insurance company know, that he has agree to this so that I can see and make any changes as I please? This policy was taken out in 2005 and is a term level 20 policy, on the policy he is the owner, the insured and I am the benificary, so in the agreement this is the one we kept and he turned over to me as of JAN 1 2010. Like I mention I can not see anything and if I call in about this policy I am limited to the information. For him he isn’t wanting to give me the full access without him being some part of an owner so that he can also what is being done with this policy and he is also wanting to be informed on any changes, does he have that right? I just need to know what to do about this situation.


#3

If your agreement states that you are to become the owner of the policy, your ex is in breach of the Agreement if he prevents the transfer.