# Life Insurance Question



## Standing_Firm (Mar 20, 2012)

Have not been here in a while.............

Going through a divorce right now. I have been agonizing about the life insurance. Who gets it? The oldest child? He will be 18 in January. 

I have had numerous people to tell me to cancel the insurance. First of all, I can't afford to pay the premiums, but it just does not seem right to have the STBXW as the beneficiary.

Thoughts??


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## Eternal Embrace (Apr 26, 2012)

How many children do you have?

On some policies you can split the benificiary % wise.

Say if you have 2 kids - one can be entitled to 50% and the other the remaining 50%.

But if you can't afford the payments - why keep it?


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## Hermes (Oct 8, 2012)

You can't afford to keep the insurance? If so, then cancel it or reduce the amount. I would personally have a trustee set up to disburse as necessary to the children.


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## Standing_Firm (Mar 20, 2012)

Eternal Embrace said:


> How many children do you have?
> 
> On some policies you can split the benificiary % wise.
> 
> ...


I have seven children. The oldest will turn 18 in January. That is where I am leaning, but not sure if that is the right road to travel right now.

I have asked, but my wife has shown no desire to put a halt to things (that is another story I am not willing to get into right now). 

I have talked to my insurance agent about setting up the beneficiary for my oldest. I have the paperwork in hand, but am really struggling with how to go about this........


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## Hermes (Oct 8, 2012)

Standing_Firm said:


> I have seven children. The oldest will turn 18 in January. That is where I am leaning, but not sure if that is the right road to travel right now.
> 
> I have asked, but my wife has shown no desire to put a halt to things (that is another story I am not willing to get into right now).
> 
> I have talked to my insurance agent about setting up the beneficiary for my oldest. I have the paperwork in hand, but am really struggling with how to go about this........


Do you have a trusted family member (on your side, of course) that can be set up as a designated trustee?


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## Standing_Firm (Mar 20, 2012)

Hermes said:


> Do you have a trusted family member (on your side, of course) that can be set up as a designated trustee?


Yes, I do. Maybe that is the route to go. Had not thought of that. Thank you!!


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## Hermes (Oct 8, 2012)

You are welcome. That is what i would do. Good luck with everything.


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## dormant (Apr 3, 2012)

What we did was: My first wife is the mother of my two sons. She agreed to keep up the payments of my life policy. That way, when I die, she gets a hand up without it costing me any more money.


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