5 Crucial Insurance Changes After Divorce
1. Life insurance In your divorce agreement, one of you may be required to buy life insurance and name your ex-spouse as the beneficiary. This life insurance policy may be used to replace child support or alimony payments for the surviving ex.
Term life insurance is a less expensive option. This coverage lasts for as long as you choose such as 5 or even 30 years. You can also choose the amount of coverage you would like. When the term is complete, your coverage will end.
If child support and alimony payments are not a part of your divorce agreement, then you will want to revise any existing life insurance policies and remove your ex as your beneficiary.
With any major life event comes a change in finances- including a divorce. Although you may be preoccupied with the emotional turmoil of your divorce, pay attention to insurance. Although seemingly unimportant at the time, insurance details must be examined to avoid financial problems later.
During this emotionally and legally difficult time, you need someone with experience, someone you can trust. Allow Brandon Legal Group’s expert divorce attorneys to tirelessly work on your behalf.