Does The Requirement For The Life Insurance I Must Maintain On Behalf Of My Ex Wife Expire When My Child Is Emancipated?
2.5. Life Insurance. Both parties maintain whole life insurance policies. The parties agree not to seek equitable distribution of the cash surrender value of the policy maintained by the other. The parties agree to provide proof of the existence of said policies annually to the other. The parties agree not to further hypothecate, borrow against, or encumber the life insurance policies required by this agreement or to take any act or allow any act to be done that detracts from the death benefit of said policy or the death value thereof so long as this insurance is required to be maintained. The parties recognize that the Husband shall maintain life insurance coverage on behalf of the Wife in the amount of $150,000.00 and the amount of $90,000.00 on behalf of the child naming the wife as Trustee. The Husband shall be free to reduce the face amount of coverage for the Wife after three and one half years to $75,000.00. The Wife shall maintain the child as irrevocable beneficiary on her policy.
Both parties shall name the other as trustee for any policy wherein said child is beneficiary.
2 attorney answers
The provision you show for this agreement does not permit you to cancel the policy. There may be another section that refers to this policy that I am unaware of.
These are 2 separate obligations. Your Agreement gives you the option to reduce the amount of the policy obo your former wife to $75k after a set # of years. It does not permit you to cancel the policy entirely.