You may not consider insurance until your divorce is finalized, but insurance plans and premium payments may be a part of your divorce settlement.
Experiencing a significant life event can be enormous, but don’t overlook insurance changes during a divorce. Take the time to assess your existing insurance policies during the divorce process. Let’s explore more details below.
Who is Involved?
You may not consider insurance until your divorce is finalized, but insurance plans and premium payments may be a part of your divorce settlement. However, you must read your policies and notify your insurance companies about your updated marital status.
Furthermore, your lawyer will require a copy of your insurance policies and other documents. It’s also essential to alert your employer to know about your divorce if you receive employee insurance benefits. Therefore, the human resources department can start to update and make the necessary insurance changes you may have.
Review Life and Health Insurance Changes
Don’t forget about life and health insurance changes during a divorce. Your life insurance may or may not change based on your divorce agreement, but it’s crucial to withdraw your former spouse as a beneficiary if your situation doesn’t require life insurance coverage for them. In addition, you may keep your current health insurance policy through your work. However, it will change to individual health insurance and with different premiums.
The MWE Partnership offers group insurance products. Each employee who enrolls in individual voluntary insurance will get to experience The MWE Difference and experience the convenience and affordability of excellent benefits. Call us today at 410-394-9617.
Insurance Changes for Children
Besides the information above, insurance changes during a divorce will affect your children. Suppose you and your previous spouse add your children as additional drivers on your new auto insurance plans. Ensure to confirm with your insurer to learn if this is a change you should make.
Moreover, your divorce settlement may have new requirements for your children’s health insurance. For example, your child or children may be added to your employer-sponsored insurance, while your previous spouse might have to pay half the insurance premium.
Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on X and LinkedIn for the latest voluntary benefit news!