How Does Life Insurance Impact Divorce?
Latrice Knighton is a member of the Sterling Law Offices partner team and an award-winning divorce attorney, life coach, and speaker. She helps clients resolve their problems by using legal techniques and smart tactics learned through decades of experience as well as helping clients by offering the best practical advice.
Being healthy is vital not only for providing for your family but for overall enjoyment of life. As for insurance, it's important to do your research about available companies and what they offer for coverage because you never know when it will be needed.
If any of your insurance is through your spouse's employer, you might want to start searching for an alternative before going though with a divorce.
Everyone wants to have financial security for their family, but it can be even more challenging to achieve while going through a divorce.
What is a divorce decree?
It is a legal document which lays out the terms of the divorce. It covers duration of payments and insurance in it.
What is often forgotten about with insurance during a divorce?
It is common for divorce decrees to require life insurance on the parents but it is often failed to address how much insurance, review of existing insurance, and what type life of insurance. People often rely only on group coverage and they rarely follow up if the coverage lapses or ends.
What is “Double Duty” life insurance?
This is when living benefits, thanks to innovations, are built into life insurance. This means that some people are able to access death benefits while alive.