Skip to content Skip to sidebar Skip to footer

Dear Attorneys,

I recently purchased a life insurance policy and was just served with divorce papers. I was wondering if there is a cash value to my life insurance policy? Can I change my beneficiary?


Concerned Individual


Dear Concerned,

Most life insurance policies do not accrue a cash value but it depends on what type of policy you have. The two main types are called whole or term policies. A term life insurance policy only provides a death benefit to your beneficiaries if you die during a specified term. A whole life insurance policy builds cash value over time that you can use later in life or that will add to the death benefit payout. Reaching out to your insurance company can help you determine which type of policy you have, and that will let you know whether or not you need to push a cash value on your financial affidavit.  However, no, you cannot change the beneficiary of your current life insurance plan if a divorce is pending, or contemplated, unless a court order is entered regarding such.


Wolf & Shore Law Group


*The situations represented in our Dear Attorneys column are entirely fictional and any resemblance to a specific case is unintentional. We cannot, and will not, offer legal advice to anyone who is not a client. However, if you do have questions or concerns, you should contact an attorney at your convenience.

Skip to content