Insurance matters may seem trivial next to the emotional upheaval of ending a marriage. But minding the details now can prevent financial pain later.
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Buying life insurance and naming an ex-spouse as beneficiary may be required under a divorce agreement. If a former spouse dies, the surviving ex-spouse can use the life insurance payout to replace alimony or child support payments.
Term life is an inexpensive way to provide the safety net. You choose the term, such as 5, 10, 20 or 30 years, and the amount of coverage you need when you get life insurance quotes. Once the term ends, the coverage ends. If there are no ongoing financial obligations as part of a divorce agreement, then it may make sense to remove an ex-spouse as a beneficiary on an existing life insurance policy.
Massachusetts
The odds of becoming disabled for 90 days or more are greater than dying before retirement. Couples should plan for disability insurance before the divorce is final, the American Institute of CPAs says.
- 2. Disability insurance!
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You can keep your health insurance after divorce if you have your own coverage. You have a few options:.
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Let the insurer know about your divorce, and remove your ex as a driver on a policy you keep under your name. Massachusetts laws are similar but vary in regarding duration, remarriage rules, and certain self-insured employers as described below:. Our family law lawyers would be happy to help you if you have any divorce and family law needs. Please call Theresa M. Theresa M. A former spouse remains eligible for coverage until one of the following events occurs, whichever is earliest: Three 3 years from the final decree of divorce or legal separation; Remarriage of either the covered employee of the former spouse; Death of the covered employee; or Such earlier time as provided in the final decree.
Massachusetts Laws On Continued Health Care Coverage After Divorce Massachusetts laws are similar but vary in regarding duration, remarriage rules, and certain self-insured employers as described below: Eligibility for coverage lasts as long as the insured spouse is a participant in a group plan, whether judgment was entered before the effective date of the plan. Unlike New Hampshire, there is not a 3 year limitation. Special Events. All Committees Search Committees Search.
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