Life (Insurance) After Divorce Author:    Posted under: Life InsuranceLife Insurance questions answered

When a marriage ends, it does not mean that the financial obligations that come along with it also cease.  With it come alimony, child support, and lawyer’s fees that will surely impact your financial standing.  Reevaluating your life after this separation is necessary not only for your own sake, but also for the sake of the children involved.

As a married couple you would have invested your money in properties and also in different kinds of securities such as insurance policies.  One important thing to consider is the life insurance policy that both of you have been paying for in the course of the marriage.

Start by asking yourself if you still need the coverage.  I am sure that the reason for acquiring the insurance policy in the first place is because you wanted to have financial security for your family.  Consider the need for the policy if you are the parent providing alimony and child support payments.  In the event of your death, you can be sure that the payments will continue after death.  Ensure that your insurance policy takes care of your child or children’s financial needs up until the time that they are already financially capable.  Perhaps investing in a decreasing term life insurance, which gets smaller payouts as your children get older, will be a wise consideration to make at this point.

Make sure that you are the beneficiary indicated in the insurance policy.  The policy is really not going to be of any use to you if are not named as the beneficiary.  Moreover, ask for assurance and proof that the premiums have been continuously paid for, so that the policy will not lapse.  If necessary, have it stipulated in your divorce agreement that the premiums have to be paid, and the beneficiary remains as is.  If in case they do not comply, then penalties should follow thereafter.

Do not neglect yourself either, at this point in time.  Make sure that you yourself are insured if you are the one taking care of your child.  Think about who your child will be left with in the event you are gone, and how much your child needs to live until such time he becomes independent.  Trust funds are also applicable, so that you can ensure your child’s financial capability at the point when he starts college.

After you have carefully evaluated the steps that you are going to take as a single-minded individual now, make sure you also do the following steps.

Talk to your agent.  Make sure the insurance company knows that you are already divorced.  It’s your money you’ve invested in this, and you have to make sure you know the stipulations of your contract, change it if necessary, and ensure that it works for your benefit.

Make sure your child is protected each step of the way.  The children are the most important aspect of the separation.  You have to secure not only what your life would be after the divorce, but also how it would impact the way you live with your child.

Remember that life does not stop when you have decided to live apart from the man whom you once thought you were going to share the rest of your life with.  What’s important is that you recognize that there are things you have to iron out, and things you have to resolve as a mother or father who is left with the care of the one thing that is beautiful: your child.



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