Divorce can be emotionally painful, but that doesn’t mean you don’t need to make sure you have everything in order when finalizing your final settlement.
After all, beyond the emotional pain a divorce can hit hardest when it comes to your wallet and your long-term financial planning.
The cost of a divorce has continued to increase as the economy improves in the U.S. One area that many probably don’t consider is making sure your life insurance policy is adjusted as you “write” your ex out of the picture moving forward.
hanging the beneficiary on your policy might sound simple, but you have to do it for it to change legally. Emotions tend to be running high as a divorce unfolds, and it can be easy to miss “common sense” steps like making sure the paperwork is completed to make sure you leave your assets to the person you want to benefit from your life insurance policy.
If you are going through a divorce, it is important to see the entire picture when it comes to your assets. Beyond considering a house mortgage, cars and other possessions, you cannot forget life insurance and annuities. If you are not sure about the beneficiary on your policy, a call to your insurance agent is in order. If you are an agent and you know a client is going through a major life transition like divorce, now is the time to make sure they have their policy in order.
Divorces can be ugly and messy. Take a few minutes to make sure your insurance policy is in order. It is hard enough to split up the items you and your soon-to-be-ex-spouse have acquired since you said “I do.” Homes, cars, jewelry, child custody, animals, artwork, furniture, electronics, etc. It can be daunting to even document all the items you own.
While you are adjusting your insurance policy, it is also a good time to make sure your last will and testament are current too.
Your divorce is about your past and the present, but it is not about your future. By thinking about the future, you will ensure that your life insurance policycontinues doing what you want it to do. Make sure your premiums are being paid and that you have the correct beneficiary on your policy. Don’t be afraid to contact your agent or your insurance company to make sure things are in order based on your wishes.
If you’re interested in finding out more, fill out the form on this page or call one of our agent specialists at (786) 307-6155.