Immediate Steps After Divorce
The first priority is updating your beneficiary designation. In most states, divorce does not automatically remove an ex-spouse as beneficiary. If you die without updating the designation, your ex-spouse may legally receive the death benefit.
Review your divorce decree for any requirements to maintain life insurance. Courts frequently order divorcing parents to maintain coverage as part of child support or alimony agreements.
Court-Ordered Coverage
Divorce agreements often require one or both spouses to maintain a minimum amount of life insurance to secure child support or alimony obligations. The policy amount typically equals the present value of remaining support payments.
You may be required to name your ex-spouse or your children as irrevocable beneficiaries, meaning you cannot change the designation without court approval. Make sure you understand and comply with these requirements.
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Get Your Free QuoteRebuilding Your Coverage
Divorce may significantly change your coverage needs. You may now be a single parent with sole financial responsibility, or your income may have changed dramatically.
Review and recalculate your coverage needs based on your new financial situation. You may need more coverage as a single parent or less if you no longer have a dependent spouse.