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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | January 11, 2021 10:48 AM |
|---|---|
| From: | Representative Rich Irvin |
| To: | All House members |
| Subject: | Life Insurance Policies and Divorce |
| In the near future, I plan to introduce legislation that would require a divorce decree or annulment of marriage to include a provision informing the parties to update the beneficiary status on an existing life insurance policy if it is the intention of one of the parties to keep the other party as a beneficiary on the life insurance policy. Spouses are typically the beneficiaries on life insurance policies. In some instances, after a divorce, individuals wish to leave financial support to a former spouse in the event of their death. Under current law, divorce ends this arrangement and the life insurance policy benefits will not go to a former spouse. An insurance policy must be updated to specify life insurance benefits go to the former spouse. My legislation will ensure that life insurance policy benefits go where the policyholder intended by informing the parties of a divorce to update the beneficiary status on their policies. Please join me in co-sponsoring this important piece of legislation. |
Introduced as HB875