|
|
|
Boat insurance
Boat insurance will protect your boat against natural disasters. If you own a boat, then you should probably see about getting it insured just as you would with any other motor vehicle. After all, there are many situations that could go wrong with...
Different Types of Health Insurance Explained
Health is the biggest and most crucial asset of every living
being. An unhealthy animal and individual can never truly
experience any joy. It is the wealth of health that provides the
requisite potential to topple over all odds and to move...
Health Insurance for the Home Based Business Owner
Most people who dream about having their own home based business put it off for one major reason - their health insurance and other benefits. Health insurance is important to any home based business owner, as you are the sole source of income for...
How To Save On Your Auto Insurance
Let your fingers do the walking... Remember that Yellow Pages Ad Campaign? Excellent advice if you're shopping for auto insurance. Shop around and do it yearly. Don't just keep paying the invoice over and over without comparison shopping. Below are...
Term Life Insurance Quotes for Singles
Term life insurance quotes are rarely a concern of single people, but they should be. Unfortunately, there is a misconception that term life is something owned only by families in the event that the chief breadwinner dies. Term life insurance...
|
|
| |
|
|
|
|
|
|
How to protect your life insurance policy while going through a divorce
Expert advice on protecting your assets in difficult times
Life insurance, more than most things you buy, relates to the circumstances of your life. You buy life insurance to protect your family from financial loss stemming from your death. You tie the amount of your life insurance to the money your family will need to provide an income, pay off debts, put children through college and cover financial commitments.
But what happens to life insurance when you’re about to dissolve your marriage? How do you deal fairly with a soon-to-be ex-spouse, yet still make sure you have coverage for the future? Is there a way to provide for adult children of a previous marriage without going broke -- especially if you have children through a second or third marriage?
Here are a number of considerations you should be aware of:
- Don’t assume that your insurance agent or company knows about your circumstances. If you don’t change your beneficiary, your former spouse may receive the proceeds of your policy upon your death. If the designation simply reads, “husband of the insured” or “wife of the insured,” and there is no new spouse, the secondary beneficiary receives the proceeds.
- You may be able to transfer ownership rights of the policy as part of a property settlement or to ensure continuation of alimony payments. Your ex-spouse may not press as hard for more support or a greater slice of an ongoing pension if he or she remains the designated beneficiary on a permanent life insurance policy. Of course, you need to ensure that your policy remains a valuable asset by keeping up premium payments.
However, transferring an existing cash value policy (as opposed to a term policy, may carry with it the burden of federal gift tax, unless you transfer the
policy prior to divorce. Be sure to discuss this option prior to the finalization of your divorce.
- Don’t overlook the possibilities life insurance may provide for dealing fairly with children from your previous marriage. If you’re paying alimony to your previous spouse and have a second family with your new spouse, adult children from your first marriage may sue your estate after you’re gone if they aren’t dealt with at least as fairly as the children from your subsequent marriage(s).
A permanent life insurance policy can be an immediate "estate replacer" to children from your first marriage -- it helps you replicate accumulated assets that you wish to pass on to the children of your first family -- but can’t afford to without neglecting the needs of your new family. Essentially, you purchase a permanent life insurance policy on yourself and designate your adult children as beneficiaries. When you die, proceeds bypass the probate process and pass directly to your adult children. Your immediate spouse and any children from that marriage are left with your accumulated property and assets -- so you’ve provided for both families.
If you’re contemplating divorce, don’t forget the options you may have with respect to your life insurance coverage. Divorce is tough enough -- don’t overlook the flexibility and security this valuable asset can provide..
About the Author
Matt McWilliams is one of the co-founders of HometownQuotes.Com, an online insurance quotes web site. He is originally from Pinebluff, NC and graduated from Middle Tennessee State University in 2002. He is considered an expert in the field of online insurance shopping and finding new ways to help consumers save money on their insurance. For more information visit http://www.hometownquotes.com.
|
|
|
|
|
| Insure.com Car Insurance Quotes, Term Life Insurance Quotes, Auto ... |
| Insure.com provides instant online car insurance quotes, term life insurance quotes, auto insurance quotes, health insurance quotes, home insurance quotes, ... |
| www.insure.com |
|
| Insurance Information Institute (III) |
| Attempts to improve public understanding of insurance -- what it does and how it works. The site is subdivided into sections for "Individuals" (consumer ... |
| www.iii.org |
|
| State Farm Insurance Companies |
| Provider of auto, health, home and life insurance. Get quotes and agents listings. National headquarters. |
| www.statefarm.com |
|
| Allstate - Official Site - Auto Insurance, Home Insurance ... |
| Offers insurance for autos, homes, property, life, mortgage protection, and business. Site includes many useful calculators and tools, an agent locator, ... |
| www.allstate.com |
|
| Progressive Auto Insurance - Car Insurance Quotes Plus Boat, RV ... |
| Provides instant online auto insurance quotes, insurance rate comparisons. Offers motorcycle, RV, boat, or car insurance. Purchase insurance online. |
| www.progressive.com |
|
| Insurance - Wikipedia, the free encyclopedia |
| It cannot put the insurance company in financial jeopardy. ... If the insured does not perform then the insurance company does not have to perform. ... |
| en.wikipedia.org |
|
| Cheap annual travel insurance | single trip holiday insurance quotes |
| Cheap quotes for annual travel insurance and single trip holiday insurance online with moneysupermarket.com. Over 450 policies compared in seconds... |
| www.moneysupermarket.com |
|
| California Department of Insurance |
| Works to foster an insurance market that is fair, competitive and accessible to all Californians. Site designed to assist consumers, aid in the licensing of ... |
| www.insurance.ca.gov |
|
| Insurance: Car, Auto, Life, Home, Business and Investment Services ... |
| Nationwide offers insurance and services including: car insurance, auto insurance home owner insurance, business insurance as well as investment services. |
| www.nationwide.com |
|
| GEICO Car Insurance. Get an auto insurance quote and save today ... |
| Offers auto and motorcycle insurance. Request quotes online or by phone. File claims online. |
| www.geico.com |
|
| Insurance Center - Yahoo! Finance - Find the Right Insurance for ... |
| Insurance Center - Protect and insure your assets with comprehensive resources about auto, home, health and life insurance. |
| insurance.yahoo.com |
|
| Compare Auto Insurance Quotes from Top Auto Insurance Companies |
| America's #1 online insurance agency. Compare instant auto insurance quotes, car insurance quotes, life insurance quotes, home insurance quotes, ... |
| www.insurance.com |
|
| Car Insurance, Home Insurance, Travel Insurance, Life Insurance UK |
| Provide travel, home contents and car insurance for professionals, graduates and students. |
| www.endsleigh.co.uk |
|
| Home Insurance Quotes, Car Insurance Quotes - Lloyds TSB Insurance |
| Home Insurance Quote, Car Insurance Quotes, cheap Travel Insurance, Pet Insurance, Business Insurance. Up to 15% discount for buying insurance online. |
| www.insurance.co.uk |
|
| Car insurance, Home insurance, Life insurance & more - Direct Line |
| Direct Line offer car insurance, home insurance, life insurance, travel insurance, mortgages, personal loans,breakdown cover and much more! |
| www.directline.com |
|
| PA Department of Insurance |
| State regulatory authority. Site provides information for consumers, producers, and the insurance companies themselves. |
| www.ins.state.pa.us |
|
| Texas Department of Insurance |
| Regulates the state's insurance industry, encouraging competition to make insurance available and affordable. [some content available in Spanish] |
| www.tdi.state.tx.us |
|
| Life Insurance (U.S. Department of Veterans Affairs) |
| Informationa about all Life Insurance programs administered and supervised by VA. |
| www.insurance.va.gov |
|
| Insurance for Canada and the United States by RBC Insurance |
| Specializes in life, health, travel insurance, and annuities for middle income families in Canada and the United States. Site offers individual, family, ... |
| www.rbcinsurance.com |
|
| Free Auto, Health, Life and Homeowners Insurance Quotes - MSN Money |
| Get free auto, health, life and homeowners insurance quotes from top insurance companies in the country. Find the latest news and information related to ... |
| moneycentral.msn.com |
|
|