Jun 12, 2011
What Happens to the Life Insurance?
A guest post Ronald Wilson at http://www.lifeinsurancerates.com
Divorce is never a pleasant experience, and issues such as family life insurance can make it even more challenging. In the event of a divorce, it is very important that both parties are cognizant of their options when it comes to the protection life insurance offers. Family life insurance is typically purchased to protect two adults and children, so divorce may render a policy invalid due to the significant lifestyle adjustment. While a family life insurance policy is a popular alternative to insuring each member of the family individually, it is intended to cover the entire family. You and your soon to be ex-spouse may need to protect yourselves with individual policies such as term or permanent life insurance. When looking to get a divorce, it is important to begin discussing the insurance policies immediately to ensure that each party is protected.
When shopping for a life insurance policy, many underestimate the amount of coverage needed to adequately protect a family. Family life insurance is the solution many turn to when looking to protect an entire household. Instead of multiple policies and a vast array of terms and conditions, a family life insurance plan offers the simplicity many consumers desire. Most family life insurance plans are exclusive to the immediate family, which is an important consideration for larger families looking to maximize coverage. Different providers feature varying cutoff ages for children covered by the policy, but several allow unmarried children to benefit from coverage into their early 20s. If your child has been permanently disabled, he or she might be entitled to longer term coverage.
If you are considering (or are in the middle of a) divorce, make sure the entire family will still be protected by life insurance for the future. Comparison shopping is the easiest way to ensure that the entire family will be protected. Choosing a reputable company to insure you is one of the most important aspects, so be sure that you do research before choosing a policy.