Insurance Considerations During Divorce
Written by: Jennie Sherman, Financial Representative
Life and disability insurance can play an important role in protecting individuals and their families in the event of unexpected circumstances, such as death or disability. When going through a divorce, it is important to consider the potential impact of these circumstances on the financial well-being of both parties and any dependents involved.
Including provisions for life and disability insurance in a divorce decree can help ensure that both parties are adequately protected in case of unexpected events. For example, if one party is required to pay child support or alimony, the other party may want to ensure that they continue to receive these payments if the paying party were to pass away or become disabled. Life and disability insurance can provide the necessary funds to fulfill these obligations.
In addition, life and disability insurance can also be used to help pay any outstanding debts or financial obligations between the parties, such as a mortgage or other loans. By including provisions for life and disability insurance in a divorce decree, both parties can help make sure that these obligations will be covered in case of unexpected events.
It is important to work with a qualified attorney and financial professional to determine the appropriate level of life and disability insurance coverage needed and to confirm the terms included in the divorce decree are legally enforceable.
Jennie Sherman is a Financial Representative with Planning Alliance located in Shrewsbury, NJ. Jennie’s experience includes two decades in the finance industry. It is her personal and unfavorable divorce that led her into the financial services space. She now assists families and businesses across the United States in planning for their futures by preparing for life’s challenges and achievements.
Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Planning Alliance, LLC is not an affiliate or subsidiary of Guardian. CA Insurance License #4246243. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Links to external sites are provided for your convenience in locating related information and services. Guardian, its subsidiaries, agents, and employees expressly disclaim any responsibility for and do not maintain, control, recommend, or endorse third-party sites, organizations, products, or services, and make no representation as to the completeness, suitability, or quality thereof. 2024-167566 Exp. 2/26