Life Insurance post Divorce
Lesson #2- Let’s talk Life Insurance. This will make sense later but one of the first things my first attorney asked was what life insurance policies did we have? I thought I knew the answer. I didn’t. Here’s what to look for, know and ask.
Do you pay a premium monthly, quarterly or annually? Who do you pay it to? Look through those bills, ask your spouse and find the paperwork. If you aren’t paying for it, it doesn’t exist! Next question to ask is, is it a term life insurance policy or whole life? If it’s a term life policy, when was it established and how many years was it for? This could be important later on to know! Term life has a beginning and an end to it. Last, who is listed as the beneficiary? Is the other spouse listed, a child, or trust? What is the death benefit? If you don’t know what these are or how to interpret the policy, find an insurance agent who can sit down with you and explain it. Again, this will be good to know before mediation or a trial. Hang with me friends. This may seem like an odd thing to need to know but let me say, you might need to know…..no, you do need to know what you do and don’t have. I now believe no matter what life circumstance you are in, married or single, you need to understand what life insurance is, offers and how important it is. Like I first said, this is the first part of life insurance and will make sense in an upcoming lesson.
Blessings friends!
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