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Tag Archives: changing life insurance beneficiaries

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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