Life (Insurance) After Divorce

Life (Insurance) After Divorce

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Consider the need for the policy if you are the parent providing alimony and child support payments.  In the event of your death, you can be sure that the payments will continue after death.  Ensure that your insurance policy takes care of your child or children’s financial needs up until the time that they are already financially capable.  Perhaps investing in a decreasing term life insurance, which gets smaller payouts as your children get older, will be a wise consideration to make at this point.

Make sure that you are the beneficiary indicated in the insurance policy.  The policy is really not going to be of any use to you if are not named as the beneficiary.  Moreover, ask for assurance and proof that the premiums have been continuously paid for, so that the policy will not lapse.  If necessary, have it stipulated in your divorce agreement that the premiums have to be paid, and the beneficiary remains as is.  If in case they do not comply, then penalties should follow thereafter.