Yes, you can purchase a life insurance policy for your ex-husband as long as you show to the insurance company that you have insurable interest - this simply means you will suffer some kind of financial impact in case your ex-husband dies.
Also, your ex-spouse has to agree to sign the life insurance application. No company will proceed to underwriting without his signature.
It's easy to show insurable interest if your ex husband provides any of the following:
What happens frequently, is that the life insurance coverage on the ex-husband is negotiated before the divorce is finalized. This way, child maintenance and/or support gets paid if the ex spouse dies.
Often, the ex-husband was the head of household and higher earner, so if his income stops coming in, life insurance will protect you and your children financially.
It's always best to have the life insurance in effect before the divorce is finalized, with the ex-wife as the beneficiary and policy owner. This way the ex-wife can be sure the beneficiary won't be changed without her consent.
If a policy already exists, many couples will revise it to name their children as the beneficiaries.
If the children are still minors, a trust can be established to handle any life insurance proceeds, or an adult custodian can be appointed.
As with all legal matters, it's best to contact a lawyer.
| AGE | $100,000 | $200,000 | $300,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 50 year old man | $27.30 | $46.46 | $54.53 | $89.60 | $170.25 |
| 51 year old male | $28.64 | $49.65 | $58.37 | $97.45 | $186.10 |
| 52 year old man | $31.48 | $54.75 | $64.55 | $106.35 | $204.92 |
| 53 year old male | $32.25 | $59.65 | $67.64 | $116.56 | $226.35 |
| 54 year old man | $35.55 | $61.60 | $71.70 | $118.78 | $231.75 |
| 55 year old male | $37.25 | $67.12 | $78.25 | $131.24 | $256.32 |
| 56 year old man | $41.74 | $72.49 | $86.63 | $142.72 | $283.24 |
| 57 year old male | $45.55 | $81.67 | $94.45 | $156.69 | $309.25 |
| 58 year old man | $51.85 | $97.93 | $120.65 | $196.75 | $387.50 |
| 59 year old male | $57.58 | $108.55 | $137.52 | $223.32 | $434.25 |