No one gets married expecting to get divorced, but unfortunately, it happens. If you find yourself in this situation, there are a few things you need to know about your insurance. Many couples have joint insurance policies, but when you get divorced, you will need to get your policy. You should contact your insurance company as soon as possible to make this change. If you have children, you will need to make sure they are covered in your policy. Here, we will go over insurance tips after divorce and how to manage after you part ways.
1. Decide Who Will Pay the Premiums
When you are married, it is common for both spouses to pay the premiums on their family insurance policy. However, when you get divorced, you will need to decide who will pay the premium on your policy.
You can choose to keep the same policy and simply have one spouse pay the entire premium. Or, you can each get your policy. If you have children, you will need to make sure they are covered in your policy. If you decide to keep the same policy, you will need to contact your insurance company and let them know that you are getting divorced.
You will also need to provide them with a copy of your divorce decree. Once the insurance company has this information, they will be able to change the policy so that only one spouse is responsible for paying the premiums. Family court solicitors can help you with this process.
2. Re-designate Beneficiaries
One of the first things you need to do is re-designate your beneficiaries. Divorce proceedings can invalidate any previous beneficiary designations on your policy, so it’s important to update this information. You will need to fill out a new beneficiary form with your insurance company and list your children as the beneficiaries.
If you have life insurance, you will also need to make sure the ex-spouse is no longer the beneficiary. Re-designating your beneficiaries may seem like a small task, but it’s an important one. After all, you want your life insurance policy to go to your children in the event of your death, not your ex-spouse.
3. Determine How Much Coverage You’ll Need
One of the first things you need to do after getting divorced is to contact your insurance company. If you have joint insurance, you will need to make arrangements to have one person assume the insurance or sell the house.
If you are the one assuming the insurance, you will need to contact your insurance company and let them know that you have the property. If you have mortgage insurance, you will need to cancel the policy. You should also determine how much coverage you need for your home and belongings. This will help you get the right policy in place.
Divorce can be a difficult time, but by following these tips, you can make sure that your insurance is taken care of. If you have any questions, be sure to contact your insurance agent. They can help you find the right policy for your needs and make sure that you are covered after your divorce.
About the Author
Emily Lamp is a professional writer, working closely with many aspiring thinkers and entrepreneurs from various companies. She is also interested in lifestyle travel, business growth and self-improvement.