Question: My husband and I divorced more than seven years ago, and he has remarried. I have not. He pays me alimony each month and, under our divorce agreement, he has another nine years of payments until I turn 65 -- which brings me to my question.

According to our agreement, my ex was supposed to purchase a $300,000 insurance policy on his life with me as irrevocable beneficiary, and make the premium payments until he reached age 70 – which is 13 years from now. He was required to make sure that I was notified at least each year that 1) I was the beneficiary, and 2) he was paying the premiums. But in seven years, I have not heard a peep about life insurance. Should I press for this now or wait until he dies and deal with it then?

Answer: In our view, not bringing up the issue of your ex breaching your separation agreement and, instead, waiting to see what happens should he predecease you, is a big mistake for a number of reasons.

First, depending on where you live, the statute of limitations could have begun running when your agreement was approved -- meaning that your claim to get your money from his estate if he did not have the mandated coverage could be time-barred. If this is the case, the fact that you learned he had no coverage when he died just won’t fly.

Generally speaking, separation agreements – not to mention premarital agreements – should include words that mandate and guarantee performance. For example, in addition to simply requiring proof of coverage and premium payment, the agreement should include the name(s) and address(es) of the insurance companies, the policy numbers, and a mechanism by which you, as the beneficiary, could have access to the insurers’ records. In most instances, the spouse obligated to provide the coverage should be required to sign an authorization allowing you to get policy information.

As an alternative, as the spouse who is the beneficiary, you could be made the owner of the policy. As such, you would have unlimited access to all information about the policy. A transfer of title to the policy from him to you will establish ownership. And, depending on the rules of each insurer, “ownership” can be transferred either permanently or for a specific term of years.

By becoming the owner, you will be able to borrow against the cash value if you desire. In addition, you are provided with all premium default information so you can stay on top of it. Assuming that your spouse has a taxable estate, and if you own the policy, the amount of the policy will not be part of his estate.

Solo Fact: Knowing the questions to ask is much more important than knowing all of the answers. Practical, objective information can start you out on the right foot and help you have a better quality of life after divorce. That's why all of this is important.

Ask your lawyer how life insurance can make a difference to you, and how to make sure your award is secure. And, plan for ways to protect support and alimony awards so that if the supporting spouse dies or becomes disabled, your benefits can continue. In this area, we believe that disability and life insurance can play a positive role.