Divorce is one of the most painful and trying events anyone can go through. With emotions surging, and chaos unraveling, sometimes things can slip by unattended, but the status of your life insurance policy should be forgotten. Your life insurance policy is crucial to family’s safety and security if you were to pass away.
To preserve the original premiums, divorcees need to make sure that they maintain their original policies. Starting a new policy could mean higher premiums due to changed circumstances, such as declining health or increased aged. Try to work with your spouse on keeping the old policy going to protect your insurability.
With any life insurance change, it is important to reevaluate your life insurance needs after the divorce. If you are now a single parent, caring for your children on your own, you will want to make sure they have enough coverage to support them. Also, make sure you change your beneficiary status; your children should be designated as the new beneficiaries. To learn more about different solutions, speak with your cure life insurance provider.