Divorce can be complicated. You have to figure out who gets what, where to live, and how to handle the finances. With all this change happening at the same time, it can be frustrating to find out you don’t have proper coverage in place when you have a loss. Reviewing your insurance to make sure you have the right coverage in place is important to do when experiencing a lot of change in your life.
« Back to Moving? Next steps...
- If there is a change in title on the home, there needs to be a change for your home insurance. Making sure the correct names, mortgages, and coverages are on your policy can reduce your risk of not being covered in a loss, or paying for insurance that you do not need.
- If you move, you need to have insurance on your belongings. If staying at a parents or friend’s house, you need tenant insurance to make sure you have coverage on your belongings.
- You may need to update your legal name, and the beneficiaries listed on your policy.
- If you were to pass away, would your dependant be able to have the future you envisioned? Life insurance could contribute to an education fund or savings account.
Health Benefits Plan
- Sometimes our partner’s benefits plans are better than ours, so we depend on them when our coverage isn’t enough. If you’re benefits plan is not sufficient, you should have your own policy to cover any gaps in your plan.
- With a single income you might need support if you were to become disabled or critically ill. If you are unable to earn an income, having a policy in place can make sure you receive some income compensation.