Why You Should Insure His Life Yourself
Let’s say your partner’s or husband’s life insurance is in place and he dies. You would expect a quick payout out quickly and without hassles. But you have to insure his life yourself to ensure this happens.
Sadly, every day bereaved women discover that their partner’s life insurance policy was a a dud.
Where they expected to be paid out a sum of money on the man’s death instead they don’t get a penny and all they inherit are nightmares, cash flow problems and even bankruptcy.
SO WHAT’S THE PROBLEM?
Most women believe, naively, that if a man has a policy or policies listing them as the beneficiaries then all is well and good.
Unfortunately this is not necessarily the case.
You might think that your partner’s life insurance policies list you as the beneficiary, but can you be sure? It is extremely easy for the owner of a life policy to change the name of the beneficiary. All the policy owner needs to do is to fill in a form and it’s done.
The reasons for this are not necessarily sinister. Maybe your partner never upgraded the beneficiary on his policy when he met you and decided to settle down with you. Maybe he changed the beneficiary as part of a business deal or a financial transaction. Or, okay, maybe he did decide to leave the proceeds of his life cover to a secret lover.
The bottom line is that if your name does not appear as the beneficiary on the policy, or if you have to share the proceeds with other beneficiaries, you are not getting your due.
A SAD LAPSE
Some women try to claim on an insurance policy in which they are listed as the beneficiary, only to discover that the policy has lapsed. Perhaps her partner had failed to keep up the payments, or maybe he needed money and cashed in the policy for a measly amount of money. Again: no policy = no money.
TOO LITTLE TOO LATE
Or perhaps you partner was having trouble keeping up the payments so he downgraded the policy to make it more affordable. You might get a small amount out but nothing like you need or want or believe is due to you.
If a woman is divorced and her ex-husband dies, her alimony and child support source dries up. What then? A life policy should cover this eventuality but it is dangerous to leave this to the husband and his new family, if there is one. Generally, the new wife will generally not care about the ex-wife’s well-being.
Many an ex-wife has found herself badly out of pocket following the death of her ex-husband when she genuinely thought he had made her the beneficiary of a life policy, only to discover that no such policy existed.
Just because a wife’s name is on a policy document it does not mean that she will get the proceeds of the policy if her partner, or ex-partner, dies. Too often these days men are dying deeply in dept and bankrupt. There are many creditors who stand in line in such cases, including the SA Revenue Services and the banks. The wife of ex-wife is way at the back of the queue. The executor of the will might be forced to use the proceeds of the policy to pay creditors.
WHAT’S THE SOLUTION?
Fortunately the solution is simple. Get your own policy on your man’s life. In other words, insure his life. As the owner you know you will manage the policy properly, keep it paid up and that you yourself will be listed as the beneficiary.
Insure his life and you will have the peace of mind knowing that in the event of his death, the money will come to you, and straight away.
Get a life insurance quote on your man’s life now. Complete and submit the form on this page. We will be in touch to give you a quote
All info was correct at time of publishing