Question #1 Can a spouse change her life insurance policy to another benefactor other that her husband ? When policy was written husband was/is listed first and her niece is listed second. Question #2 She also has an annuity with husband listed number one when it was written with her niece listed second. The question is can she legally remove her husband's name from the number one spot on both life insurance policy and the annuity ? Thank you
1 Answer from Attorneys
Absent a contractual obligation entered into between the husband and wife, for example a pre-nuptual agreement, a separation agreement or marital dissolution agreement, a spouse is not obligated to make the other spouse a beneficiary on a policy of insurance or an annuity.