Page | 25
Insurance, Life, Health, Auto & Long-Term Care
Reviewing Insurance Needs After Divorce: Divorce often necessitates changes to various aspects of your life, including your insurance coverage. Here's an overview of key points to consider:
Understanding Your Options: ● Life Insurance:
○ Term Life: The death benefit in term policies is typically considered separate property, but premiums paid during the marriage might factor into asset division. ○ Permanent Life: Cash value in permanent policies may be classified as marital assets subject to division. ● Health Insurance: ○ Explore options for individual coverage through your employer, the Health Insurance Marketplace, or COBRA continuation to ensure continued healthcare access. ● Auto Insurance: ○ Update your policy with your current address and driving record to maintain accurate coverage and potentially adjust rates. ● Long-Term Care Insurance: ○ Review existing policies and assess your individual needs for future long-term care expenses. Seeking Guidance: ● Consulting with a lawyer and/or financial professional familiar with divorce can provide tailored advice on insurance implications specific to your case. ● Understanding the legal classification of various insurance types (marital property vs. separate) in your state is crucial for informed decision-making. Taking Action: ● Shop around for individual insurance plans: Compare offerings and costs to find coverage that meets your needs and budget. ● Notify insurance providers of your divorce: Update beneficiaries and contact information as needed. ● Explore options for continuing existing coverage: Discuss any potential COBRA continuation options with your former employer.
DISCLAIMER This plan does not provide legal, tax, accounting, or therapy advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal, tax, accounting, or therapy advice. You should consult your own professional before engaging in any transaction.
Ray Pearson Broker/Owner, Cobbleridge Realty Corp (631) 320.5849 www.Cobbleridgerealty.com
Made with FlippingBook - professional solution for displaying marketing and sales documents online