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The Moneyologist: Who wins under the law — a beneficiary on a life insurance policy or on a divorce decree?

Dear Moneyologist,

My ex-husband had two life insurance policies that named me as the beneficiary when we divorced. I asked that this be retained during his lifetime and the beneficiaries would be our son and daughter. This also was written up in our divorce papers.

He called our son and daughter at his retirement and told them they would need to start paying the life insurance policies and that he could no longer afford the monthly payment. The amount was $25,000 per person and the monthly payment for each of our children would be between $200 and $300 per month.

Also read:You need more life insurance and it is probably much cheaper than you think

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