The U.S. Census Bureau offers a sobering statistic: half of all marriages end in divorce. Divorce is an emotional life event that forces you to reassess all aspects of your finances. When the issue of life insurance arises, it can often spark confusion and even controversy. It is a subject that requires discussion during a divorce settlement, especially when a splitting couple has dependent children.Most divorce courts will require the providing spouse to maintain a policy that covers the child support payments for however long the payments have been required through the divorce settlement. However, enforcing this can be difficult as there is no easy way to check that payments have been made on your life insurance policy or if the beneficiary has been changed.
You may find yourself asking the following questions
Will you change the beneficiary assignment from your soon-to-be ex-spouse to your children?
Who will own the policy?
How does life insurance affect alimony?
This section will cover these concerns and prepare you for a healthy discussion on the sensitive but important topic of how to handle life insurance during a divorce. You will learn the necessary steps to take during divorce proceedings and which life insurance plan may be your best fit.
If you are concerned about what will happen to your life insurance policy when you go through a divorce, please contact your attorney or a financial professional to help guide you. Then you can connect with our licensed agents to assist you in getting a FREE instant life insurance quote for a new policy or additional coverage. You can send us an email or call us at 1-800-521-7873.