Insurance Update After Divorce: Do I Need To?
The divorce is now final, and there is one more reason for you to start planning for the new future ahead. Apart from making sure that you have enough money in your bank accounts to start life anew, you also have to check all of your existing insurance policies and list of beneficiaries after the divorce is made final. You might think of making changes in the list now that you are separated from your spouse, and you are free to do so unless a different arrangement has been achieved during the divorce proceedings.
Insurance policies are usually the easiest to neglect, but it is critical that they are reviewed and kept up to date to get them in order. If you only have one insurance agent who helped you get everything, it is best to schedule a meeting with him so that you can make all the necessary changes you require. If you are not sure if the changes you want for your insurance policy is legal considering the arrangements you made concerning the divorce, it is best to consult your divorce lawyer about it too. You don’t want to get into trouble for the routine changes you want in your list of beneficiaries, right?
If you and your former spouse used to be under the same insurance policy covering your health care, you might want to reconsider getting a separate one for yourself. You have to understand that the finality of the divorce may have legal implications on the coverage of your health care insurance; thus, you may have to reconsider buying a new one. Verify such information with your health insurance provider. If no changes need to be made, even after the divorce, then you must be very lucky that you don’t have to go through the tedious process of making changes with your insurance provider, not to mention the extra time and effort that will be put to waste.
If you own a life insurance policy, then you might want to seriously consider making changes in the list of beneficiaries from your former spouse to someone else. Even if you don’t want to make changes, you still have to go through filling up all the forms, because the finality of the divorce revokes all the rights of your former spouse from being your beneficiary. However, if you wish to make your ex-spouse still as the beneficiary of your life insurance to ensure that he would have enough funds to raise the kids in the event of your passing, then you may very well do so.
In the midst of all these decision-making processes, it is important that you consult with your legal counsel. Their opinion will help you make sound decisions today and in the future.