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Life Insurance Policy Changes for Divorced Couples

When a couple divorces, the lifestyle adjustments that will need to be attended to are numerous and time-consuming. For a plethora of reasons, couples find the time surrounding a divorce troublesome, and they often have difficulty arranging things in a way that seems to make sense afterward. One of the many adjustments you will make if you have recently personally experienced a divorce relates to your healthy or critical illness life insurance. For most married couples, some sort of change to individual policies was made when the marriage took place; therefore, there will be some elements that must be realigned if a marriage ends.

For some couples, the only thing that changed pertinent to their life insurance policy upon their nuptials was adding the spouse's name as beneficiary. If this is the sole change you made your policy when you were first married, your procedure of changing the policy so that if fits your new lifestyle and living situation will probably be quick and straightforward. Sometimes all that needs to be done is removal of a ex-spouse's name from the legal documents; meaning you keep the provisions exactly as they are. Matters are slightly more involved when you had a joint policy.

Joint Policies

In most cases, a joint policy is only sought if the marriage partners earn incomes that are strikingly similar. This can be a hint if you, as so many people facing or recovering from a divorce, have forgotten the exact nature of changes made to your insurance. This is a detail that can become snowed over by the large amount of details you have most likely needed to keep track of since your first insurance adjustments following marriage. If you did not have cover until you married, then purchasing it in an effort to protect your adapted circumstances, you may find it somewhat easier to recall what was done.

Whether or not you know exactly what will need to be revised in your cover, your first step should be to consult with your insurance broker. Hopefully, the individual who fills this roll for you is one in whom you feel confident and with whom you have an open line of communication. Your broker can advise you concerning what should be done to dissolve a joint life policy and reinstate individual policies. He or she can also give you sage advice concerning the amount of cover you will need going forward.

Amount of Cover

The actual value of your plan may also need to be adjusted at this stage. Even if you and your ex-spouse maintained individual cover packages throughout your marriage, you might have initiated an increase in cover amount if you were the primary breadwinner. Sometimes, individuals also increase cover for the sake of protecting new, large investments that are made around the same time that a marriage is begun. If you enhanced your amount of cover for the sake of mortgage protection or any other investment, you may discover that your needs in this area have also changed.

Life insurance policy changes for divorced couples are determined by couples' unique circumstances. For this reason, you will want to speak directly with your broker for personal advice, rather than following tactics that seemed to work well for friends or neighbours. The process of dissolving joint arrangement and forging ahead with single policies will be easiest, of course, if you and your ex-spouse are well acquainted with the broker who will help you through. Even if this is not the case, this is an important step of the process that will give you greater peace of mind.


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