What to do if you divorce and separate and have a joint life insurance policy
One of the most common questions we are asked here at Life Insurance Quotes is what would happen to a joint life insurance policy if the customers in question were to separate or divorce. Like all our common questions, we like to publish the answers, so we can help educate more people.
If you do get divorced, most of your possessions, your savings and you home will be split down the middle. Whilst children can influence the direction the home goes in, it can be confusing to work out what is going to end up where, but one thing you will need to deal with is a joint life insurance policy, which will no longer suit your needs, unless you want your ex partner to benefit from your death.
Customers who have a joint life insurance policy and separate should cancel the existing policy and look for an individual life insurance policy, which we can help with here at Life Insurance Quotes, thanks to our extensive range of life cover options.
It’s worth noting that the cost of the policy will most likely be more than when you first took it out, as life insurance policies start to cost more, the older you are when you take them out.
You’ll also need to consider how your children are looked after as part of the policy, and whether you need to consider how any maintenance payments may affect how much you’d like to leave behind.
Those paying maintenance may wish to make provisions for continuing to pay that after their death through an extra policy, whilst those receiving maintenance may wish to insure against loss of that maintenance.
With so many different types of life insurance on the market, we are sure there will be one that will suit you and your own financial situation, and with our quick and simple quoting tool, we can make the process as easy as possible for you at a stressful time.