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Three Ways Life Insurance and Marriage Intersect That You Didn’t Think About

No matter how savvy you are with your finances, there are a few ways marriage and life insurance intersect that you may have overlooked. In fact, you’ll want to make sure your marriage and life insurance don’t butt heads too much. It’s important to know you’ve done the right thing with your own policy regardless of how your own “happily ever after” turns out. Term Life and Divorce Settlements. If you’re going through a divorce, as a rule of thumb, you’ll want to insist you and your spouse each has enough life insurance to cover all child support and settlement obligations incurred in the settlement. Many settlements make term life part of the deal as a result, and this is something everyone should consider, particularly if they will be caring for children. Even if your ex misses payments on the term life from the settlement, you can still make them. If you do, you’ll have a claim against your ex’s estate for the amount you paid. Turning that around, if you are the one who misses payments, and your ex pays them, your ex will have a claim against your estate. But this will only be true in the amount of ...

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Your Group Life Insurance Policy Might be Limiting You

The following is a guest post from Liran Hirschkorn. If you would like to submit a guest post, please contact me. A big perk for many employees is finding a job that offers life insurance through an employer based group plan or a similar. These policies can be great because they are often cheaper (or free) to the employee and usually don’t require a medical exam, which are added benefits if you are young, or have pre-existing conditions that would raise the cost of an individual term. However, there are also downsides to these group policies offered by an employer that may make you think twice about having one as your primary source of life insurance. Constricting Terms and Benefits Since group policies can include a large number of people they are often very limited when it comes to benefits, coverage, and options. • Benefits: You’ll be hard pressed to find a group plan that is rich in benefits. Typically they’ll only over the basic plan, with some options to improve coverage if you’d like to follow up with them, but that’s it. There are rarely any riders, funeral expense, death from accident, or other benefits available in a group ...

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