Divorce and Life Insurance Things You Should Know

Youíve 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 youíre 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? (Thatís not necessarily a plus: If youíre 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 itís been a few years since you bought life insurance. Your policy should be big enough to cover your dependentsí 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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ALIMONY PROTECTION -- Courts sometime require a spouse to maintain life insurance to protect his or her former partner’s alimony. The payor is required to maintain insurance for the payee’s benefit.

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