Life insurance on an Ex

My wife has an old life insurance policy on her ex from when they were together. It’s a whole life policy that he knew about and agreed to at the time but most likely he had forgotten about now, it’s been a few years and he’s feckless with money. Premium is around £50 pm and payout will be around 250K.
question is will she be able to collect? He’s getting remarried soon, two step kids who live with us, he doesn’t contribute to any great extent and any payout would be shared by the children. Will new wife have any claim on money ( also considered asking him whether he would like to take it over but we doubt he’d be interested  as money is tight) he’s 65 if that’s a consideration.

I have zero expertise, but I suspect if the beneficiary on the policy is your wife and her ex ‘accidently’ met his demise, then your wife would get the winnings, sorry, payout!

I could be 100% wrong!

Given the cost of student accommodation for the oldest and the dire state of the back garden new patios had crossed my mind!

Pretty sure that life insurance doesn’t form part of an estate. IANAL though.

The policy will have a beneficiary, and unless that beneficiary is changed then the policy will pay out to the named beneficiary person on death of the insured.

Old bit of caselaw but the policy itself is literally nothing to do with the insured person…

Dalby v India and London Life Assurance Company (1854)

Ask the insurers to confirm?

So your Mrs is still paying the premium ?

Ask the insurers to confirm?

Sounds a better idea than getting some random opinions on a bike forum.

I can’t wait for the court reports from the Old bailey detailing how the deceased’s ex wife’s new partner’s phone revealed his search on a ” bicycle forum for those with a penchant for occasionally riding said bicycle’s off road when not arguing interminably  about politics” for a hitman

beneficiary will get it.. lets hope he’s forgotten about it.. ;0)

Oh so he’s still paying ?

That’s poor if you don’t remind him

op, can you confirm who’s paying the policy? if you wife is still paying, then she will be the beneficiary,

if he’s still paying it, he may have changed the beneficiary already

i’m always amazed people do not know what is coming in and OUT of their bank account / credit card statements.. should be checking them at least monthy..

I wonder if people actually read what’s written in a post before making comments like

op, can you confirm who’s paying the policy? if you wife is still paying, then she will be the beneficiary,

when the wording clearly states

 

 ( also considered asking him whether he would like to take it over but we doubt he’d be interested  as money is tight) 

You’d better hope he doesn’t meet his end in unusual circumstances. Could be an awkward conversation!

I wonder if people actually read what’s written in a post before making comments

I thought it was policy to comment with your biased opinion/pithy remark/frozen sausages suggestion as quickly as possible after skim reading the OP & nothing more

So I can take out an insurance policy on any randommer and if they pop their clogs, I win?  This seems weird to me.

So I can take out an insurance policy on any randommer and if they pop their clogs, I win?  This seems weird to me.

Not quite – you must have insurable interest in the person you’re insuring at inception of the policy, but not thereafter.

So being married is fine at the start. Take out colossal life policy on his/her/their life, divorce, keep paying premiums (and make sure you’re the beneficiary), hope they die horribly in a freak yachting accident, profit.