More than 50% of all marriages end in divorce, yet many believe they will be in the other 50% that remain in marriages. A divorce can be quite messy and there may be a lot to think about. The couple is now breaking apart and each person is busy negotiating and figuring out how to separate financially. Couples with children are truly joined at the hip because children generally require care and maintenance and support for many years.
When a person is so busy worrying about child support, housing, alimony, and a million other things, it is more than likely that he or she may not consider how life insurance may be affected by divorce. Divorce and life insurance may be something that eludes them. A person’s youthfulness may in many cases belie the need for life insurance and he/she may feel that they do not need it. To learn more reasons why you should have life insurance if you’re single, visit our article “What is single life insurance?”.
However, once the wheels of divorce spin, you may not be able to go back and get life insurance. There could be many questions for them to ask. For example, what kind of a life will their children have if one of them is gone? What about maintaining one’s current lifestyle if the other partner was gone? The loss of a parent is generally emotionally devastating; add the financial burden of losing a breadwinner and you could have heavy stress in a family.
How do you factor enough life insurance to help cover these expenses? Well, a good start might be to begin with the years of child support and consider other expenses such as college funds, summer classes, sports equipment, and much more. It may be easy to see then that having kids and being able to provide for them well can be quite expensive. But being prepared may make a great difference.
Skip the sleepless nights and worrying that never seems to end. While divorce may be inevitable, having a sound financial strategy may enable you and your spouse to rest more easily, knowing that you have done your best to provide for yourselves and your children.
If you have children and you are going through a divorce and a life insurance policy is something you have already, you may be free to make changes to your policy and have a new beneficiary when your child is of legal age (21 years). You can usually add a relative or a new spouse or another child, and draw up a new policy as needed. Being able to take care of your child’s best interests regardless of your personal differences is usually essential during a divorce and life insurance policies can help bridge that gap in these kinds of situations, helping you put your kids’ financial future first. Have more questions? Visit our Questions about Life Insurance page <hyperlink: questions about life insurance>.
Are you going through a divorce and want to receive free, no-obligation quotes for life insurance? Just fill out this simple form and you can start the process now!