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Changing Beneficiaries During Divorce
Many married couples name each other as beneficiaries on their life insurance policies. During a divorce, your life insurance agent or company won’t necessarily know about your circumstances. If you don’t change your beneficiary, your former spouse may receive the proceeds of your life insurance policy upon your death. If the designation simply reads, “husband of the insured” or “wife of the insured,” and there is no new spouse, the secondary beneficiary receives the proceeds.This may be a problem because some people do not want their former spouse to receive benefits from their life insurance policy. You may need to be proactive to change your beneficiary depending on the State where you and your former spouse reside. Some divorce settlements may require that you maintain life insurance and list your former spouse as a beneficiary. Review your divorce settlement carefully because the premium you pay on your life insurance policy may guarantee a continuation of your child support or be considered alimony.
It is very important to review your beneficiary designations on a regular basis. Changing your beneficiary is easy to do, but people often forget important things when going through a major life change such as a divorce.
Read the rest of our life insurance and divorce section for more life insurance secrets.
If you need to change your life insurance beneficiary, the quickest way is to directly contact the life insurance carrier with whom you have your coverage. They will provide you with the paperwork to get it done. If you want to consider a new policy to meet the requirements of a divorce settlement, please contact LifeQuote. You can email us or call our licensed agents at 1-800-521-7873.
