Life insurance and divorce in 2021 // Get a policy without an exam!

One of the worst things about a divorce is dealing with the separation of all the things that were once part of a whole, and something like life insurance is usually last on the list.

But here’s the thing:

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Dealing with life insurance and divorce doesn’t have to be complicated, and if you make it into your plan, the early stages of your divorceAt least it can make a difficult situation a little easier.

Today I’m going to discuss how best to protect yourself and your children during a divorce and why you should choose a non-medical policy when dealing with a divorce decree for coverage.

Managing life insurance and divorce

When it comes to life insurance and divorce, you will always want to know how your life insurance policy is set up, but first let’s talk about the different roles that make up a policy.

4 primary roles make up life insurance, and each of them can be a different person:

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Owner

The owner of a life insurance policy is the only person who can change or cancel the plan.

Usually the owner is also the Insured; in most marriages, however, the spouse handling the bills is usually the owner in my experience.

Remember that whoever is placed as owner of the policy is the only person who can make changes to the policy.

That means they can change the policy beneficiary or the percentage the beneficiary receives.

beneficiary

The beneficiary is the person to whom the policy will pay.

As long as the person has what’s called an “insurable interest,” you can set him up as your beneficiary.

Insurable interest simply means anyone who would be financially affected by your death, such as children, spouse, a cousin or a best friend.

There are two types of beneficiaries, a primary beneficiary and a secondary (conditional) beneficiary.

You can have more than one Main Beneficiary and more than one Secondary Beneficiary, as long as the percentage for each of them adds up to 100%.

Below is an example of what it might look like:

Primary beneficiary

Relationship: Husband

Benefit amount: 100%

If the primary beneficiary dies before the Insured, or at the same time as the Insured, the benefits will go to the secondary beneficiary.

Secondary Beneficiary

Relationship: Children

Benefit amount: 100%

Benefit split:
Child 1 – 30%
Child 2 – 25%
Child 3 – 45%

The way the above scenario would work is that if you died, 100% of life insurance would pay to your spouse.

However, if your spouse died before you or if you died at the same time, your children would each receive checks for the percentage you chose.

Insured

The insured is the person with whom the policy has been concluded.

Paying party

The payer is the person who pays the monthly premiums on the policy, and this can be the owner, the insured, the beneficiary, or someone else.

Now that we know the different roles of an insurance policy, let’s discuss how they work in a divorce.

The first thing you need to know before you can switch beneficiaries or remove your ex-spouse is who owns the policy.

Whoever owns the policy makes the final decision.

If you own the policy, you must decide whether to remove your ex-spouse from the policy entirely or make your children the primary beneficiaries.

Protection of child benefits and alimony income

If you are the parent who will have primary custody of your children and receive alimony or child support, you want to make sure you protect that income.

If your ex-spouse has passed away, you want to make sure they have a life insurance policy with enough death benefit to cover child support or alimony income for as long as the payments were needed.

Because protecting the children is generally the most important part for anyone in a divorce, a judge can or will usually issue a decree in the divorce requiring this coverage to help protect the children.

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Why not get an exam life insurance for your divorce?

When it comes to a divorce decree, you’ll probably need to get life insurance for a set amount of time within a certain amount of time.

To make sure you can get cover before time runs out, a no medical life insurance policy will be the best option for you.

life insurance and divorce

It’s the closest thing to getting life insurance online direct.

Life insurance without medical examination gives you the option to be covered very quickly, you can choose a term of 2, 10 or even 20 years and you can buy up to $1,000,000 in coverage.

To avoid ending up in an extremely long wait when trying to get a divorce life insurance policy, I would avoid any type of policy that requires an exam or medical records.

So:

get one simple life insurance policy through a life insurance company without physical examination is your best option.

Take action

Dealing with a divorce is never an easy task, and so is life insurance.

However, if you are getting a divorce and a judge has required you to take out life insurance, you must no life insurance exam quote today and request coverage online.

Although I’m sure the last thing you want to talk about is: life insurance and divorceBut if you take the time to deal with it early, you’ll have fewer headaches later.

Like divorce, life insurance can be an emotional ordeal, but make sure you have all your basics covered.

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