Who Gets The Life Insurance? Not The Ex-Spouse, States Say
April 2, 2019 by Douglas I. Friedman
It’s rare that the U.S. Supreme Court decides a case with immediate impact on an advisor’s daily activities, but that is exactly what happened on June 11, 2018.
That was the day the court validated a Minnesota statute that retroactively revoked a life insurance beneficiary designation because the beneficiary was the former spouse of the insured. Yes, you read that correctly — the statute retroactively revoked a beneficiary designation due to a divorce.
Here is why statutes like the one in Minnesota have much more far-reaching ramifications than advisors may anticipate, and how advisors may address the resulting errors and omissions concerns.
Click HERE to read the full story via InsuranceNewsNet Magazine.