30 Year Term Life Insurance Policy Can Be Affected And Modified During A Divorce!

Online Insurance Marketplace (http://www.onlineinsurancemarketplace.com), announces new blog, “What Happens To Your Life Insurance During A Divorce?”

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friendRepost This

(PRWEB) December 04, 2013

Online Insurance Marketplace has released a blog explaining the consequence a divorce may have on a life insurance policy!

A divorce can have many unforeseen consequences on a life insurance policy. Clients should know that life insurance plays an important part during divorce proceedings and it can be used in several ways. Since life insurance is not an asset, it cannot be divided between the two sides, but it can be used in other ways.

A life insurance policy belongs to the one who is paying the premiums. Usually, this means the insured, who is also the person on whose life the coverage has been issued. A life insurance plan should not be canceled before divorce proceedings as it can still be an important financial tool to protect your loved ones, such as children.

It is important however, to change the beneficiary. Recently divorced parents should provide financial coverage for their children. One way of doing this is by naming the children as the policy’s beneficiary. For better protection and more control over their money, policyholders should also open a trust fund and have the insurance money delivered there. The insured can then put several conditions like who can withdraw money from the fund and when and on what can the money be spent on.

Child support can come in the form of a life insurance benefit too. In many cases the court may decide to keep one of the spouse’s policy in order to protect the parent who has custody of the children. Single parents who have to support children, should ask the court to keep their ex-spouse’s policy active.

“Life insurance plays an important part during divorce proceedings and clients should be aware of any modifications that may occur!” said Russell Rabichev, Marketing Director of Internet Marketing Company.

Online Insurance Marketplace is an online provider of life, home, health, and auto insurance quotes. It is unique in that this website does not simply stick to one kind of insurance carrier, but brings the clients the best deals from many different online insurance carriers. This way, clients have offers from multiple carriers all in one place, this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

For more information, please visit http://30yeartermlifeinsurance.biz !


Contact

  • Russell Rabichev
    Internet Marketing Company
    800.475.3410
    Email