life insurance<\/a> affect the entire family. Here are things to consider.\u00a0<\/p>\n <\/p>\n
Reevaluate your policies<\/h3>\n
Reevaluate your policies, especially if an ex will be making support payments, such as child support or alimony. If the insured passes away, those financial responsibilities must be taken care of. Get individual policies-yes, single parents and stay-at-home parents need life insurance, too-to secure your family’s financial future on both sides. Your new financial world order might mean changing any existing individual policies to get more coverage, depending on your financial state. Don’t forget about other insurance policies that have historically been shared as well, like health insurance and auto insurance.<\/p>\n
<\/p>\n
Update your beneficiaries\u00a0<\/h3>\n
If your spouse was previously your beneficiary, you may want to update your beneficiary. Many life insurance policies allow for revocable beneficiaries, meaning you can change your beneficiaries whenever you wish. Parents, siblings, and children usually fall into this category – you can check with your life insurance provider to be sure. You may also want to check things like wills, advanced health care directives, retirement accounts, savings accounts, or any other accounts that would pay out a beneficiary upon death.\u00a0<\/p>\n
There is the possibility that you might be required to keep a spouse on your policy, so check your divorce decree, which will also offer information such as who should be paying for the premiums on the policies.\u00a0<\/p>\n
<\/p>\n
Consider taking out a policy on your ex-spouse<\/h3>\n
Will you be receiving alimony or child support payments? It’s important to make sure the income expected from those payments is insured as well. Judges may sometimes mandate in a divorce decree that the non-primary parent carry life insurance coverage. If you lose this income source, it could adversely impact your ability to maintain your current lifestyle.<\/p>\n
In some cases, if certain conditions are met (such as being able to show that you have an “insurable interest”), you could take out a basic life insurance policy on your ex-spouse and pay the premiums directly. By doing this, you will not have to worry about the policy lapsing if they forget to pay.\u00a0<\/p>\n
Is the spouse providing financial support uninsurable? Changes to the divorce decree can often be made to make sure you are not left financially exposed so it’s wise to consider this before you finalize your divorce decree.<\/p>\n
Hopefully, you and your soon-to-be ex-partner can keep things civil and work towards the common goal of moving forward with your lives.\u00a0<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Getting divorced is a big life transition. Here are steps you can take to make sure your finances\u2014such as term life insurance\u2014don\u2019t fall through the cracks. <\/p>\n","protected":false},"author":12,"featured_media":2263,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[6],"tags":[],"aioseo_notices":[],"jetpack_featured_media_url":"http:\/\/ladderlife.com/blog\/wp-content\/uploads\/2022\/09\/Untitled-design-24.png","_links":{"self":[{"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/posts\/2261"}],"collection":[{"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/comments?post=2261"}],"version-history":[{"count":7,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/posts\/2261\/revisions"}],"predecessor-version":[{"id":2563,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/posts\/2261\/revisions\/2563"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/media\/2263"}],"wp:attachment":[{"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/media?parent=2261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/categories?post=2261"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ladderlife.com/blog\/wp-json\/wp\/v2\/tags?post=2261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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