Life Insurance policies, joint or individual, term or permanent, as well as family health and dental plans, can all be impacted by separation and divorce. It’s important for couples undergoing this legal transition to understand the implications that changes to the above can have on their ex-spouse and their children. Make informed financial decisions.
Separation and divorce often require selling the matrimonial home and purchasing a new home, townhouse or condo as a single individual. Mortgage Insurance obtained through a Life Insurance carrier, as opposed to a lending institution, has many benefits and is usually less costly. With banks or lending institutions, the premiums usually remain the same while the total amount of insurance decreases. Banks or lending institutions control the policy and where the proceeds go, whereas with life insurance companies, you have control of your policy and where the benefit goes, should it be needed.
An experienced Insurance Broker can help educate and advise you regarding the options available. It is important to sift through the information with a financial professional to decide what’s best for you and your family going forward.