Divorce Proceedings - Financial Protection with Life Insurance
Are you going through a divorce and required to purchase a life insurance policy for your soon to be ex-spouse? This is a very common occurrence in divorce proceedings. If you have children together, you would both want to make sure the children would be taken care of financially, if either of you were to pass away.
If your ex-spouse is a stay-at-home mom or dad with no earned income, they should have their own policy. You may think they would not need life insurance because they do not have an income; however, there are associated expenses that would need to be covered. Some of the expenses that may occur could be burial expenses, car loan, mortgage, student loans, or credit card(s). The biggest expenditure however, would be the cost of raising your children. According to government figures, it costs approximately $250,000 to raise a child up to the age of 18. Personally, I think this is a low number considering college expenses are not included with this figure.
In some cases, a judge may set the amount of life insurance you need to purchase. If this is not the case, you may need some guidance as to what amount you should purchase.
About the author: Teri Costen has been in the life insurance business for over 20 years. She is a mother of three who enjoys working out, taking aerobic kickboxing classes, and making stained glass. Teri believes that finding the right life insurance policy helps protect your family and loved ones. You can contact Teri at 1-800-651-1953 or TCosten@Pivot.com.