Divorce
A divorce can be unsettling and very stressfull. Your life is turned upside down and there are many matters to take care of. Some of these, like the wellbeing of your children, will be your first and foremost concern. But remember that big changes can and often will happen unexpectedly.
Life insurance
Divorce is one of life's events that can affect your life insurance. If you have life insurance for yourself, you probably want to reconsider the amount of coverage and who you've named as beneficiaries. After a divorce, you may have fewer assets , and perhaps there are fewer people who depend on you financially. If you also took out life insurance on your former partner, you may consider retaining the insurance so that, should your former partner pass away unexpectedly, the insurance payment could be helpful when raising your children.
Healthcare insurance
If you were covered for healthcare expenses under the insurance policy of your former partner, you have several options. Sometimes the group healthcare insurance of your former partner’s employer may allow you to remain insured for a certain period of time after a divorce. If your own employer has group healthcare insurance, you can apply for coverage. A more costly option would be to get private healthcare insurance.
Home insurance
In many cases it will be necessary to transfer the home insurance policy to the partner who continues living in the insured home. This doesn’t happen automatically. Sometimes you will have to take out a new insurance policy in your name. If the house remains in both names, you need to decide which of you will continue paying the home insurance premium.
Content insurance
Because possessions are usually split between partners you may decide to reduce the amount you insure your household contents for. In any case, it is important to advise your insurer of a change of address, so that your records can be updated.
ENNIA or your independent adviser would be pleased to provide you with personalized advice.