Understanding Life Insurance and Divorce

Life and insurance and divorce can be settled simply with the right plan. There are many confusing factors at stake when going through a divorce, and life insurance is one of them. During a big change, like a divorce, it is important to have clear information that can get you through the difficult process of settlements and handling all the paperwork. Regardless of what’s happened in the past, you can only think of the future, and how you need to keep your family supported after the divorce. A term life insurance policy can provide the financial legacy you and your family need after this huge life change.

Life Insurance and Divorce and Tips

  • Make sure your term life insurance policy is up to date and adjusted to fit your current situation.
  • Look over your beneficiary designations. If you re-marry, your life insurance policy typically covers your surviving spouse, which would be an issue if you intended for finances to be used to care for your children instead.
  • Discuss what will happen to the children if one of you passes.
  • Consider your blended family members. Some people like to create separate clauses designating land, business, or property interests to your family, and life insurance proceeds payable to your partner.

All life changes can be stressful and difficult to go though. With careful planning we can ensure that you and your family will be supported though this time.
If you have questions about term life insurance and are going through a divorce, get in touch with us and we will help find the best policy for your needs.

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Term Life Insurance products are offered through TMFS Insurance Agency LLC, a separate company, affiliated with Financial Engines Advisors, L.L.C. (FEA), in states where licensed. TMFS Insurance Agency, LLC is under common ownership with FEA. Each entity is its own separate entity that provides services for its client independent from the other.