Question
What is the name of your state?What is the name of your state? KANSAS
My husband – Married w/ two kids (11 and 13) divorced in 2001, pays child support, has some arrears from when he was laid off.
My husband – Remarried w/ 1 child (16 months) and another due in July.
If I purchase a life insurance policy (with myself or my children as the beneficiary) on my husband and he dies, will a portion of this payout go to his children he had from a previous marriage? Would his life insurance policy go into his “estate” and be subject to being taken from his beneficiary(me or our kids)?
Answer
If you buy and pay the premiums on a life policy on your husband, it is seperate and apart from his estate assets or debts. IT goes to whomever you name as the beneficiary for the policy you own.
And even if life insurance that he owned DID pass through probate, this is not "his" life insurance (you own it) it is life insurance on him.
Answer
Thank you so much for responding. Who decides what goes through probate? Would anyone even know about the policy that my children and I owned on him?
Answer
If you took out a life ins. policy on your husband & you owned it, whoever is named as bene(s) (ie you and/or your children) would get the proceeds if your husband passed away. Life insurance proceeds are not considered as part of the estate but go to the named beneficiary/beneficiaries. You would be given a policy to put in a lock box (or elsewhere) to turn in to the ins. co. at the death of your husband so the proceeds can be paid out - would also need to send them copy of death certificate.