- Insurance cost more
- It illegal to deny you coverage
If you're pregnant, health reform will make:
Who can use the new health insurance Marketplaces?
Whether you are married or living with a partner, the process of ending a relationship can be extremely complicated. Many aspects of your life will be affected, including your insurance needs, according to the Insurance Information Institute (I.I.I.).
“When discussing the financial aspects of a divorce or a break-up, insurance considerations should be a key component in ongoing and final decisions,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I. “Dividing up property, changing homes, and altering life insurance policies must be discussed to make sure that both parties, as well as children or other dependents, are financially protected after the separation is completed.”
The I.I.I. suggests couples review the following coverages if they plan to separate or divorce:
3. Life Insurance
Couples buy life insurance for a variety of reasons, including covering existing and anticipated debts and financial obligations as well as providing an income and/or inheritance for dependents in the event of the death of one or both of the spouses or partners. When a couple divorces or splits up, these obligations may still exist.
Married couples often list each other as the primary beneficiary on life insurance policies, and should think carefully before making any changes during a separation. There may be good reasons to keep life insurance coverage on a former spouse. If one party is providing alimony and child support to the other, this may mean a loss of income to the surviving party if he or she dies. Some divorced couples may also consider keeping (or purchasing) life insurance on the spouse who has the primary responsibility for raising the children. If he or she dies, costly childcare will need to be arranged and financed. In such cases, the divorce decree should include the funds to pay the premiums on this life insurance policy.
If a divorced couple is purchasing life insurance solely to provide financial protection for their children, they may want to consider purchasing term coverage rather than whole life. Term is generally cheaper and it is designed to provide protection for a specific period of time—for example, until the children reach the age of 21. If there are no children involved, then changing the beneficiary on an existing life insurance policy may make sense. Beneficiary designations should also be reviewed on all retirement accounts, bank accounts, investment accounts and other assets, as well as on any group insurance through an employer.
A life insurance policy is just a time-yellowed piece of paper, with columns of figures and legal phrases, until it is baptized with a widow's tears.
Then it becomes a modern miracle, a sort of Aladdin's Lamp.
It is food, clothing, shelter, education, peace of mind.
It is the sincerest love letter ever written.
It quiets the crying of a hungry baby at night. It eases the heart of a bereaved widow.
It is the comforting whisper in the dark silent hours of the night.
It is new hope, fresh courage, and strength for the widow to pick up the broken threads of life and carry on.
It is an education for the sons and daughters (a chance for a career, instead of the need for a job).
It is a father's parental blessing to his children on their wedding day.
It is the function of a father's hopes and dreams for his family's future.
Excerpts from a poem by Jack J. Leterman, Norfolk, VA (1929)
Through life insurance, there is financial security.
Have you secured your family’s needs?
Health insurance might seem like a costly extra expense to a healthy entrepreneur managing all the costs of a start-up. But when you consider the impact to yourself, your family and business if you were to become ill or injured, it's clear that some type of health insurance in essential.
Feel free to contact our agency to discuss your options and for a no-obligation review of all your insurance needs.
Do you know the difference between Term and Whole life insurance? Permanent versus Variable policies? Make sure you understand the basics about life insurance.
Are Couples Really Addressing the Longevity Risks? According to new LIMRA research, only a quarter of married couples consider the need to provide for one spouse if the other dies a major concern when planning for retirement. Yet LIMRA analysis1 finds that for almost half of 65-year-old couples, one spouse will outlive the other 10 or more years, and in 3 out of 4 couples, one spouse will outlive the other by at least five years (see chart, below).
Most people don't appreciate the full importance of a will, especially if they think their estate is too small to justify the time and expense of preparing one. Even people who recognize the need for a will often don't have one, perhaps due to procrastination or a disinclination to broach this sensitive subject with loved ones.
The truth is, nearly everyone should have a will and here are five good reasons why.
Fast Facts About Unclaimed Property
NAUPA is the association of the state unclaimed property programs, but the databases are located and maintained by each state, not NAUPA. However, most states participate in MissingMoney and we suggest that you search there. You may also link to all state databases individually from this Web site.
Answers to Questions about Unclaimed Property
The purpose of life insurance is to provide a source of income, in case of death, for your children, dependents, or other beneficiaries. Life insurance can also serve certain estate planning purposes, which we won't go into here.
Buying life insurance is contingent upon whether anyone is depending on your income after your death. If you have a spouse, child, parent, or some other individual who depends on your income, then you probably need life insurance.
Because life insurance protects your family in the event of a death, it is important to determine the correct amount. Most people do not have the right amount of insurance.