Life Insurance Considerations When Going Through a Divorce

Life Insurance

In my opinion, it is vital to insist on term life insurance when going through a divorce as part of the divorce decree. This is something that is not usually top of mind while sitting with a divorce attorney to discuss settlements. Let’s take a minute to look at this important issue: How much coverage and for how long should you request the coverage to be in place for?

When deciding on these life insurance factors, you may want to consider the following:

  1. How much alimony will you be receiving from your ex-spouse? This is important due to the fact that alimony is designed to help you live in the manner you were accustomed to. If your ex-spouse was to pass away, your income would be reduced and you may no longer be able to live in this manner.
  2. How many children do you have and how old are they? The length of coverage needs to be for at least the amount of years the youngest child will be financially dependent on their parents. For every dependent child you have, you may want to request at least $100,000 of coverage towards the total amount.
  3. How will the mortgage be paid? If your ex-spouse is responsible to maintain the mortgage payment of the family home, you may want to request the remaining balance amount and length of mortgage to be included.

Another important question to ask is: How do you make sure the life insurance coverage stays in force? The best way to do this is to apply for your ex-spouse. Your ex-spouse will have to complete the application but you can have yourself listed as the owner of the life insurance policy. What this means, is even though your ex-spouse is paying for the life insurance coverage, you would be the individual who has the right to make any changes to the policy.

About the author: Jim Marcinkewicz has been in the life insurance business for over 6 years. He is a big supporter of the American Red Cross and teaches both CPR and First-Aid classes. With two daughters in college, Jim knows the expense it takes to care for your family and enjoys helping others prepare their futures as well. You can reach Jim at 1-800-651-1953 or