3 Questions Commonly Asked About Insurance And Divorce
It’s estimated that 48% of marriages will end in divorce. It’s a stressful and difficult time, even if the divorce is amicable. There are many details to sort through and agree upon, including insurance coverage.
Here are 3 questions people always ask me about insurance coverage during and after divorce:
- How can I provide insurance for spousal and/or child support if I have health issues? It’s possible in many cases to get insurance coverage, depending what your health issues are and how long ago you were diagnosed. There are insurers who provide coverage though it’ll be at slightly higher than standard rates.
- Can I use an existing policy to cover my support obligation? Just name your ex- partner or child as irrevocable beneficiary for some or all of the policy until your obligation is over, no need to hassle about getting a new policy.
- What is the cheapest way to get both parties covered to protect the children? A popular, and less expensive option today is to take a joint and first to die policy, which means there is one policy, and only one payout (which is why it is cheaper), on whomever dies first.
And here’s a question many separating couples don’t consider:
How much will it cost to get new health insurance?
Too often I hear about women losing their ex-husband’s group coverage, and had no idea how expensive it would be to get coverage on their own. Some don’t even qualify for plans similar to what they used to have due to health challenges. This issue needs to be addressed during the divorce process.
Thinking about splitting up? Need advice before making a move?
Here are 2 trusted advisors who can help:
Bev Lewis, Positive Solution Mediation Services
Bev helps couples and families going through divorce by providing mediation services. Her clients leave with a legal separation agreement in a fraction of the time and cost of going through lawyers and the courts.
Michael Shuster, Shuster Real Estate Group
Michael is the first and currently the only Divorce Real Estate Broker in Canada, specializing in all the details one needs to know when selling a home due to separation and divorce.
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Have questions about finding the right life and health insurance? Need a review of your existing insurance coverage? Contact me today for your complimentary 30 minute consultation.