How does divorce affect my life insurance policy?

Divorce can have an impact on your life insurance policy, depending on the specifics of your policy and the terms of your divorce settlement. Here are some ways that divorce can affect your life insurance policy:

• Beneficiary changes: If your ex-spouse is listed as the beneficiary on your life insurance policy, you may want to change the beneficiary to someone else following your divorce. Depending on your policy, this may require written consent from your ex-spouse or a court order.
• Coverage changes: If you and your ex-spouse had joint life insurance coverage, you may need to make changes to your coverage following your divorce. This could involve canceling the policy or reducing coverage to reflect your new financial situation.
• Premium payments: If you were previously splitting the cost of your life insurance premiums with your ex-spouse, you will need to make arrangements to cover the full cost of the premiums on your own following your divorce.
• Divorce settlement: If your divorce settlement includes provisions related to life insurance, such as requiring you to maintain a certain amount of coverage for the benefit of your ex-spouse or children, you will need to comply with those terms.
• Alimony and child support: If you are required to pay alimony or child support as part of your divorce settlement, life insurance can be a useful tool for ensuring that those payments continue in the event of your death. You may be required to maintain a certain amount of life insurance coverage as part of your support obligations.

It is important to review your life insurance policy and consult with a financial advisor or attorney if you are going through a divorce to ensure that your policy remains appropriate for your new situation.