Life Insurance after Divorce

Life Insurance after Divorce: Something You Do Have to Talk About

When a marriage dissolves and a couple gets divorced, there are a whole host of things that have to be discussed, changed and arranged. When there are children in a relationship the situation can be complicated further because there’s far greater importance placed on the decisions you and your ex will make.

Life insurance after divorce is just one of many things you will need to discuss and take care of with your ex. Many couples purchase policies and name one another as the beneficiaries. Seeing as though you and your spouse are no longer together, it’s likely you will want to change your beneficiary and to name someone else as the recipient of a death benefit. If you have children, this may seem like the most obvious choice. But, depending on the age of the children, this isn’t necessarily as straightforward as you may have thought.
Life insurance after divorce, when you have children, will require that you and your ex sit down and discuss how your policy will be changed and whom it will support. If your children are not yet adults, you may want to name a guardian who, in the event of your death, would handle the money your children receive until they’re old enough to do so themselves.
The important thing to remember with regards to life insurance after divorce and your children is that beneficiaries can’t be changed, by anyone, after you die. It’s important to take care of these changes as soon as possible.
You and your ex will also need to decide who pays the premiums. Depending on the circumstances of your relationship, you may decide that one of you pays the premiums while the other sends half of the payment to that person. Another way to do this is to have your ex add you to the policy records so that you, too, receive information with regards to bills and can stay up-to-date on the payments.
For more information on life insurance after divorce, contact a life insurance agent at

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