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How to Survive Financially When a Marriage Fails

When the dream of living happily ever after turns into a nightmare of a marriage, divorce may be the only workable solution. In addition to the emotional turmoil surrounding a divorce, couples need to deal with the financial realities of going their separate ways. The cost of a lawyer and the loss of a spouse’s income may come at a high price for one or both parties. Couples may each walk away from the marriage with significantly lower income, assets and retirement savings. Although divorce is not recommended as an easy solution to marital problems, the situation need not necessarily be a financial disaster. Here are a few positive financial outcomes that can somewhat lessen the pain of divorce. Easier Budgeting and More Control Over Money It’s no secret that fights over money are a prime mover on the rocky road to divorce. Left solo, partners are free to choose…

7 Common Life Insurance Mistakes to Avoid

According to a Bankrate Money Pulse survey from June 2015, nearly 50 percent of American households don’t have any life insurance to speak of. Among those who do have it, nearly half are underinsured. The survey also notes that many policyholders don’t understand how much life insurance they need or how much they should be paying, which can lead to serious mistakes during the buying process. Here are seven of the most common life insurance mistakes to avoid before, during and after you buy a life insurance policy. Being Less Than Honest on Your Application It can be tempting to provide misleading personal information on your application to try and receive a better premium. However, doing so could put your family’s financial security at risk. It’s important to be completely honest in your application because false information can lead to inaccurate quotes and, even worse, grounds for a life insurance…

Determining Your Life Insurance Needs: 10 Milestones for Changing Your Coverage Amount

All too often, people buy a life insurance policy, stuff it in a drawer, and forget about it. While there’s no question that having coverage in the first place is the responsible thing to do, it’s important to remember that your life insurance needs hardly remain static. That’s why it’s a good idea to review your current life insurance policy once every five years. If one or more of the following 10 milestones have occurred since you initially bought your policy, it may be time for you to increase – or decrease – your coverage.  You’ve Gotten Married, Divorced or Been Widowed If you’ve just gotten married, the best wedding present you can give yourself (and your partner) is more coverage – especially if one of you is financially supporting the other. If you’ve recently divorced or been widowed, you may want to reduce your coverage amount – especially if you don’t…

How Much Life Insurance Do You Need?

The amount of life insurance that you need depends on where you are in your life. While there’s no question that having life insurance in the first place is the responsible thing to do for you and your family, it’s important to remember that the longer you live, the more your life insurance needs change. Reviewing your policy once every five years is a great way to ensure that your life insurance is keeping up with you. If one or more of the following five milestones have occurred since you initially bought your policy, it may be time for you to change your coverage amount.  You’ve Married, Divorced or Been Widowed Just married? Congratulations! Now you have a spouse to consider. And kids, if you plan on having any. Better get a policy if you don’t have one already – or increase your coverage if you do. Divorced or widowed? Since…

Life Insurance After Divorce

shutterstock_124671304When a marriage is legally dissolved or annulled, the rights of your spouse to your will, trust, power of attorney and several other items on your financial checklist will automatically be null and void.
But did you know that divorce does not automatically cancel your ex’s rights as beneficiary of your life insurance policy? If you acquired a life insurance policy and named your spouse as the beneficiary, you have to take very particular steps to change that. If you don’t, your ex-spouse could become the recipient of a payout upon your death!
It’s an easy thing to miss. With all the more pressing legal and financial issues to sort out during a divorce, life insurance policies might get placed on the back burner.

Could You Actually Need LESS Life Insurance?

a little money in your pocketThere are many reasons why individuals change their life insurance policies, but most often than not, insurance companies prompt you to change your policy to increase your coverage for a few reasons– new job, new home, new member in the family, etc. Each of these events require you to adjust your life insurance policy accordingly to protect your family’s financial security. However, there are a few instances where you might need less life insurance.

It may sound weird at first because you may be thinking, Well why would I ever need less life insurance? Is there actually such a thing as too much life insurance? Well, if you experience a life-changing event in which you no longer need to support someone financially, you may actually want to lower your policy.

5 Reasons to Revisit Your Life Insurance Coverage

Screen shot 2013-02-13 at 9.55.58 AMWe have already told you many reasons as to why you should have life insurance, but what if you already have life insurance? You may be wondering at what point in time, if any, that you need to review your policy to make sure you always have the best coverage. There are life-changing events, planned and unplanned, that will alter the life insurance coverage you need. Here is a list of 5 events that commonly act as catalysts to re-evaluate your life insurance: