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Life Insurance for Divorce Settlements

Going through a divorce is a difficult time in anyone’s life. Not only is it emotional stressful to go through a divorce, it is financially difficult as well. In addition, as part of the divorce process, you have to determine who will pay certain bills and who will be responsible for providing certain types of support. One form of support that one or both of you may be required to purchase a level term life insurance policy.

When it comes to life insurance for divorce settlements, there are a variety of different configurations that can take place. For example, your ex-spouse may be required to carry life insurance with you as the beneficiary, he or she may be required to carry life insurance with the children as a beneficiary, or he or she may be required to carry life insurance with you and the children as beneficiaries.

life-insurance-for-divorce

Whether your ex becomes married at a later date or not, he or she will still be required to carry life insurance with you or your children named as the beneficiaries if this what the court has decreed. In addition, it is possible for you to take your ex back to court at a later date in order to request life insurance coverage, though you will have a better chance of having this granted if it is included in your original divorce decree.

Obtaining life insurance for divorce settlements is really no different from obtaining life insurance for any other purpose. After all, you can name anyone that you like to be your beneficiary and that beneficiary does not necessarily have to be related to you. The most important aspect of purchasing life insurance for divorce settlements is to make certain you purchase the type of insurance you are required to purchase and that it is in place for the term length that has been required by the court.