Life Insurance Policy Georgia GA
Reader’s Question:
I had a divorce 8 months ago. Will I still need a life insurance policy in Georgia?
Kit
Athens GA
After divorce, some would probably think that they no longer need a life insurance since they’re now single.
Insurance serves as a financial protection for the loved ones of the person who died. If you are now single, you will still need a life insurance but with lower premium. If you have children or dependents with you, it is important that you get a life insurance. There are certain cases than can increase
your need for insurance especially now that you are divorced. Having children or people who are financially dependent to you increased your obligations and ensure their financial security in case you die. Another case is when you are responsible to give financial support for the child. You can either keep your current insurance coverage or purchase a life insurance with your ex-spouse. If your husband is the beneficiary of your current life insurance policy, you may want to update the beneficiary designation. Your agent can help you do the paperwork. However, you cannot name a minor child as the beneficiary. Insurance companies do not make settlements directly to minors. The probate court may require you to set up a trust with an appointed guardian who will manage the proceeds.
Loading ...