When a divorce involves minor children and/or spousal support, you should be asking if you need life insurance after divorce and chances are, the answer is yes!
If the person who is paying support dies unexpectedly or prior to the end of the payment period, it will mostly likely create a financial shortage because those payments will cease. Life insurance offers a way to protect against that shortfall.
However, getting life insurance in place isn’t always straight-forward – you have to consider how much coverage is needed, whether a medical exam will be required, who will pay the premium and who to designate as beneficiary. Most people, do not want any life insurance proceeds being paid out to their former spouse, which is what may happen if you designate your minor children as beneficiaries.
And then you have to find the right policy … knowing exactly what it is you need before you shop will help you find the policy that best suits your needs. Here’s a graphic to help get you started …
Originally posted at NoExam.com