Insurance Matters After Divorce, Part 2: Preparing for Changes to Automobile, Homeowner’s, Life, and Disability Coverage

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This article will help you begin taking control of your new insurance needs. In Part 1, we discussed aspects of automobile and homeowner’s insurance after divorce. In Part 2, we’ll introduce you to life and disability insurance. When you’ve decided what coverage is right for you and your family, be a smart consumer and compare costs. Insurance companies vary significantly in the premiums they charge. You can save a lot of money by spending a little time shopping around for the best insurance product for the price you can afford.

LIFE Insurance

During the marriage, couples often have life insurance policies that name the “surviving spouse” as the primary beneficiary, especially when they have children. A life insurance policy will pay out a specific amount to the beneficiary in the event of the insured’s death. Now that your divorce is final, a change in your beneficiary designation may be appropriate for all of your policies. Most insurers require the use of their official change of beneficiary designation form -- you should call your insurer and get that form mailed to you.

As part of the settlement of your divorce, the party obligated to pay child support or spousal maintenance may also be required to maintain a life insurance policy to ensure that those payments continue even after a tragedy. If you are the one receiving the support, you may have concerns that the policy will lapse or that the beneficiary will be changed without your knowledge. If you have those concerns, then you might consider...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Scott David Stewart, Stewart & Lane, PLC | Attorney Advertising

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