Life Insurance and Divorce
Here’s a topic I’m guessing not many of you have thought about. You’re thinking, “we’re divorced, why would I maintain any insurance on behalf of my ex?” I would like you to consider it as a more complex question than it might seem at the outset. The death of a member of your family is always difficult in any situation, and becomes more complicated in the case of a divorce. It is particularly important if your ex is the person who is providing the majority of the income in the family, even if you are divorced. What will happen if that person dies? If you’ve been relying on them for income, insurance could help you cover bills in the short term, and potentially keep up your mortgage payments in the long term. I think it is always better to plan for the unexpected than to try to grapple with the unpredictable twists your life can take if left to fate.
I think it’s even more important when there are children involved. Perhaps you are receiving crucial child care payments every month. Ask yourself, what will happen if those suddenly stop? Conversely, if you are the primary breadwinner in the family, and the other person is the caregiver, what would you do if they died? Your life could become an expensive nightmare, as you struggle to find care providers, figure out how to move the children into your home, and it might even entail moving to accommodate the entire family in a new home. Other expenses might include medical or funeral expenses. I dislike sounding like an advertisement for life insurance, but it truly can help cover those unanticipated financial gaps in life.
As much as you might not want to admit it, in their own way each family member contributes to the functioning of a family unit. If you’re thinking, “well not exactly”, then think of your children and their needs. Despite a divorce, each person is still an important part of the family framework and once they are gone, the frame can crumble. There is no need to create more stress for the surviving family members by not preparing for the future. Yes, it takes discipline. It takes facing the possibility of death which is never pleasant, and it takes money to maintain the policy. But imagine your family without you, where would they be?
We here at San Diego Family Mediation Center are here to help you with life’s difficult moments. In fact, we specialize in shepherding you and your family through the unforeseen changes in life. We have years of experience working with our clients to successfully break down what might seem like formidable problems. You are not alone! Let us work with you and your family to start a conversation about how to tackle those problems, together.