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Life Insurance Your Complete Guide To Life Insurance
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How to protect your life insurance policy while going through a divorce Expert advice on protecting your assets in difficult times Life insurance, more than most things you buy, relates to the circumstances of your life. You buy life insurance to protect your family from financial loss stemming from your death. You tie the amount of your life insurance to the money your family will need to provide an income, pay off debts, put children through college and cover financial commitments. But what happens to life insurance when you're about to dissolve your marriage? How do you deal fairly with a soon-to-be ex-spouse, yet still make sure you have coverage for the future? Is there a way to provide for adult children of a previous marriage without going broke -- especially if you have children through a second or third marriage? Here are a number of considerations you should be aware of: - Don't assume that your insurance agent or company knows about your circumstances. If you don't change your beneficiary, your former spouse may receive the proceeds of your policy upon your death. If the designation simply reads, "husband of the insured" or "wife of the insured," and there is no new spouse, the secondary beneficiary receives the proceeds. - You may be able to transfer ownership rights of the policy as part of a property settlement or to ensure continuation of alimony payments. Your ex-spouse may not press as hard for more support or a greater slice of an ongoing pension if he or she remains the designated beneficiary on a permanent life insurance policy. Of course, you need to ensure that your policy remains a valuable asset by keeping up premium payments. However, transferring an existing cash value policy (as opposed to a term policy, may carry with it the burden of federal gift tax, unless you transfer the policy prior to divorce. Be sure to discuss this option prior to the finalization of your divorce. - Don't overlook the possibilities life insurance may provide for dealing fairly with children from your previous marriage. If you're paying alimony to your previous spouse and have a second family with your new spouse, adult children from your first marriage may sue your estate after you're gone if they aren't dealt with at least as fairly as the children from your subsequent marriage(s). A permanent life insurance policy can be an immediate "estate replacer" to children from your first marriage -- it helps you replicate accumulated assets that you wish to pass on to the children of your first family -- but can't afford to without neglecting the needs of your new family. Essentially, you purchase a permanent life insurance policy on yourself and designate your adult children as beneficiaries. When you die, proceeds bypass the probate process and pass directly to your adult children. Your immediate spouse and any children from that marriage are left with your accumulated property and assets -- so you've provided for both families. If you're contemplating divorce, don't forget the options you may have with respect to your life insurance coverage. Divorce is tough enough -- don't overlook the flexibility and security this valuable asset can provide.. About the Author Matt McWilliams is one of the co-founders of HometownQuotes.Com, an online insurance quotes web site. He is originally from Pinebluff, NC and graduated from Middle Tennessee State University in 2002. He is considered an expert in the field of online insurance shopping and finding new ways to help consumers save money on their insurance. For more information visit http://www.hometownquotes.com. |
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Read The Latest News About Life Insurance Below
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Oregon woman sues life insurance company over claim (Seattle Times)
The wife of a Eugene man who died in a kitchen accident is suing his life insurance company. Michele Vinson says the company is ... Widow sues over unpaid life insurance (KGW NewsChannel 8 Portland) EUGENE, Ore. (AP) -- The wife of a Eugene man who died in a kitchen accident is suing his life insurance company. Michele Vinson says the company is refusing to pay because David Vinson had been drinking that day. She is seeking $1.3 million from Hartford Life and Accident Insurance Co. Her husband was home alone last April 12 when he apparently dropped a domed glass cake cover. It shattered, a ... Life insurance industry is for faster pace of change in the use of technology (News-Medical-Net) The long-term outlook for the life insurance industry is for a faster pace of change, particularly in the use of technology. That was the conclusion of a survey of top industry executives by LOMA. Ore. woman sues life insurance company over claim (Herald and News) Posted: Thursday, March 11, 2010 11:27 pm | Updated: 1:03 am, Fri Mar 12, 2010. The wife of a Eugene man who died in a kitchen accident is suing his life insurance company. Michele Vinson says the company is refusing to pay because David Vinson had been drinking that day. Giving Up Smoking Can Reduce a Life Insurance Policy by up to 43PRWeb via Yahoo! News) Smokers who have been inspired to quit following the national No Smoking Day on Wednesday could see significant financial benefits from kicking the habit in addition to the improvements to their health. Those who have taken out life insurance cover to protect their families could save up to 43% on their monthly premium costs, which could add up to thousands over the life of a policy term ... |
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