Ex Cashed Out Insurance Policy _ Part 1
Reflecting on the past as I cash out my insurance policy. It's a bittersweet moment, but I'm grateful for the financial security it provides. #InsuranceJourney #FinancialSecurity #movieswatchhd #ssrnewmovies
Transcript
00:00How long were you married?
00:0111 years.
00:02You were divorced, you separated your property.
00:04A wife walks away with a valuable asset.
00:07One of the pieces of property that you had
00:10was an insurance policy.
00:11Now she plans to make her ex pay.
00:14In order to sell the policy, he requires your signature.
00:17And you say to him,
00:18you want my signature, it's gonna cost you.
00:20I said, just make me an offer.
00:22And what did he say?
00:24Judge Judy.
00:25Let me see if I can briefly outline
00:27so that we're all on the same page.
00:30Ms. Kempton, you and the defendant were married
00:33for quite some time, but divorced, I believe, in 2012.
00:38That's correct.
00:38And when you were divorced,
00:39you were represented by an attorney?
00:41No.
00:42Were you represented by an attorney?
00:43No.
00:44So the two of you worked out an agreement.
00:46And as part of that agreement,
00:48you settled all property issues.
00:50We did.
00:51That's right, yes.
00:52So far, perfect.
00:53One of the pieces of property that you had,
00:56that you paid for jointly as a married couple,
00:59was an insurance policy,
01:01a life insurance policy on Mr. Kempton's life.
01:04Yes, Your Honor.
01:05And you were to be the recipient of half of that policy
01:09if something happened to him.
01:11And the other half of the policy
01:13was to be split between his five children
01:16that are not your children.
01:17Correct.
01:18That are his children, and his former wife.
01:20Right.
01:21At the divorce, it was decided between the two of you
01:24that you would get the policy.
01:26Yes.
01:26And you would get the policy
01:28along with paying the premiums solely.
01:32Correct.
01:32Which you then did from 2012,
01:35I don't know what month in 2012 you'll tell me,
01:39until 2015.
01:41That's right.
01:42In 2015, you decided that you would not pay
01:47the premiums anymore on that policy.
01:49Correct.
01:50And you called your former husband and said,
01:52I'm not paying the premiums on this policy anymore.
01:56She couldn't afford to, she told me.
01:58Whatever, she couldn't afford to, she wasn't.
02:00She wasn't going to pay the premiums on the policy anymore.
02:04Now, Mrs. Kempton, you understand that
02:06if you stop paying the premiums on the policy,
02:08the policy lapses.
02:10Terminates, yes.
02:11Terminates.
02:12That's pretty much what you want.
02:13So whatever you had invested between 2012 and 2015 was gone.
02:20Plus what we had put into it before that together, yes.
02:25Well, he lost that too.
02:26True.
02:27Right?
02:28Yes.
02:29So all you really lost on your own
02:30was between 2012 and 2015.
02:34Because anything that you put in as a couple before,
02:37he would have lost the same thing.
02:38True.
02:39So he said, well, give me the policy
02:41and I'll take care of it.
02:43So right now, it's like trash.
02:45You throw it out and one man's trash
02:48is another man's treasure.
02:50So you got rid of it.
02:52You had no more interest in it
02:53other than I assume your name was still
02:57on it as a beneficiary.
02:59No.
02:59Just a minute.
03:00So when you turned it over to your, uncross.
03:05Uncross.
03:06When you turned it over to your former husband,
03:09he advised you that he was taking your name
03:12off the policy as a beneficiary.
03:14Yes.
03:15Do you have any children together, by the way?
03:16No, we do not.
03:17No.
03:18How long were you married?
03:2011 years.
03:21Okay.
03:22So he's got the policy and whether he took your name
03:25off the policy, did you?
03:26As a beneficiary?
03:28When you got it?
03:29Yes, your honor.
03:29You did?
03:30When I took the policy over in 2015?
03:32Yes, in 2015.
03:33That's correct, your honor.
03:34You took her name off as a beneficiary.
03:36Perfectly reasonable.
03:37You have five children.
03:38They should be the beneficiaries
03:40of your life insurance policy.
03:41Yes.
03:42If you're paying for it.
03:43Yes.
03:44So that's perfectly reasonable.
03:45Then you decided, for whatever reason,
03:47to sell the policy.
03:48Yes, your honor.
03:50You held the policy from 2015 to what year?
03:55Till I sold the policy in about November of 18.
03:58Okay.
03:59Approximately.
03:59So you each paid independently for three years.
04:03She from 2012 to 15, you from 15 to 18.
04:07Incorrect, your honor.
04:08From 2012 to 2015, the premiums were paid
04:12out of a joint banking account in both of our names.
04:15No.
04:16We were separated at that time, though.
04:18Just a minute, you were divorced in 2012.
04:20I'm sorry, we were separated in 2012.
04:22We were divorced in 2012.
04:24I'm sorry, I'm sorry, your honor.
04:26We were separated in 2009.
04:29I don't care about 2009.
04:31Okay.
04:31I don't care.
04:32What is relevant in the court is 2015.
04:37♪♪