New question in Life Insurance FAQ

Posted on December 30, 2011 and updated June 11, 2012 in Life Insurance Canada News, Life Insurance FAQ 1 min read

New question in Life Insurance FAQ:

15 years ago my then husband bought insurance policy and named me my son and his daughter from previous marriage as beneficiaries . I have been paying the premuim through my bank account. We divorced five years ago. I continue paying for the premuim. He never change the beneficiaries. His current wife hates me. What are my rights to claim this policy and can the wife claim this policy even she is not named beneciary.

The policy owner controls the beneficiary designation. If there is an irrevocable beneficary they would have to sign off on any changes. Regards, LSM

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