Life insurance question on the PSA


#1

My PSA states verbatim “Husband will maintain a life insurance policy current and in effect with the wife and minor child listed as beneficiaries.”

My question is this… I am remarried now and have an other child with my new wife. Since the PSA states the ex and my other son must be listed, does it prevent me from listing beneficiaries as follows:

New wife 49%
Minor Child 25%
New Child 25%
Ex wife 1%
Since the wording does not specify amounts, will I be in violation?


#2

My advice is to keep your old policy in effect as it was when the PSA was signed. While the PSA does not state specific amounts, in my opinion it is implied that your ex and your other child are to be the only beneficiaries of that particular policy.