Insurance & Divorce: Your Job: Maintaining Your Life Insurance:
You've entered a new stage in your life with different priorities and needs .... but many of
your financial responsibilities are unchanged. Here are a few things to consider when you
evaluate how leaving your job will affect your life insurance needs.
Things you should know about Life Insurance
Your employer-sponsored policy may not remain in-force
Many people buy group life insurance through an employer sponsored plan. If you're one
of them, find out what happens to this policy when you leave your job. Can you continue
your insurance by converting the group coverage to an individual policy? What steps must
you take to do that? Can you continue your coverage without a physical? (That's not
necessarily a plus: If you're in good health, you may pay less for a policy that does require
a physical.) How much would you have to pay for converted coverage -- and how does that
cost compare with buying a new individual policy? Investigate your options now to avoid
risking any gaps in your life insurance coverage.
Your coverage amount should address your new needs
This is a good time to reevaluate the amount of coverage you need, especially if it's been
a few years since you bought life insurance. Your policy should be big enough to cover
your dependents' immediate financial needs (like the cost of your funeral and short-term
expenses), their ongoing monthly living expenses, and specific longer-term financial
obligations like paying off the mortgage and covering the cost of college tuition for your
children.
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