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Life Insurance and Divorce

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Life Insurance and Divorce

Life Insurance and Divorce

The modernity of the present world has its share of downside - the high divorce rate. Nowadays, a married person has around fifty percent chance of going through the rigmarole of divorce. As the plan of your life is jolted by divorce, you will be required to go through the entire financial situation that includes life insurance policies that you presently have and also if you are planning to have one as a result of a court order. You now concentrate more on taking care of your own as well as any children that you may have from the marriage.

Effect of Divorce on Life Insurance

Your life insurance coverage must be enough to provide funds for the support of your children or alimony in case you die. In normal circumstances, this type of life insurance coverage is required till the child reaches 18 years of age or your ex-spouse marries again. The term life insurance policy will be the right type in these circumstances to adequately cover both types of requirements. This type of life insurance is also economical and can be cancelled when the obligations are met.

If your state laws require you to pay alimony for the life of you ex-spouse, a combination of annuity and term life insurance would be the best solution for you.

In the event of divorce, you should review all your different policies, including the ones that come from your employer or any retirement fund. You must see to it that you change the beneficiaries and the coverage must show the changed circumstances.

Make sure that your life insurance coverage is enough to meet car loans, credit card debt or a mortgage. By having this planning in advance can save your parents and children from meeting the financial burdens, if they are the person to settle the estate. If there is well-thought of coverage about these expenses, you leave a good legacy to your children.

If there is no such planning, make sure to plan for funding your own retirement. It is you who would have to fund the entire amount that will be required to retire. The right choice for you in the overall investment package would be a whole life policy or annuity.

Careful planning for your retirement beforehand can make sure that you meet all your legal obligations and make financial recovery from the trauma of divorce.

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