Going through a significant life event can be overwhelming, but don’t neglect insurance changes during a divorce. You should take your time going over your current insurance policies during the divorce process. This article provides a few common insurance changes during a divorce.
Who Is Involved in Insurance Changes During a Divorce?
You might not think it’s essential to focus on insurance until your divorce is finalized. But insurance policies and premium payments might be a part of your divorce settlement. However, you must read through your policies and let your insurance companies know your updated marital status.
Moreover, your lawyer will most likely need a copy of your insurance policies and other documents. Also, it’s vital to alert your employer to know about your divorce if you have insurance benefits from work. So, the human resources department can begin updating and making the necessary insurance changes you might have.
Don’t Neglect Life and Health Insurance Changes
Furthermore, life and health insurance are also considered insurance changes during a divorce. Your life insurance might or might not significantly change based on your divorce agreement. However, it’s critical to remove your former spouse as a beneficiary if your situation does not require life insurance coverage for them.
Health insurance is also another significant change during a divorce. You can keep your current health insurance plan through your work. But it will most likely change to individual insurance and with different premiums.
Insurance Changes for Your Children During a Divorce
Additionally, there are insurance changes during a divorce that will affect your children. For example, you and your previous spouse might have to add your children as additional drivers on your new auto insurance policies. Also, make sure to confirm with your insurance representative to see if this is a change you will need to make.
Lastly, your divorce settlement might have new requirements for your children’s health insurance. For instance, your children might be added to your employer-sponsored insurance offering, while your former spouse may have to pay half of the insurance premium.
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