Getting Divorced Or Separated
You'll Be On Your Own And That Changes Your Insurance
Ending your marriage is incredibly stressful and emotional. We're sorry this has happened.
We know that there's a lot of paperwork involved as you move through the stages and talk of settlements. We want you to know, at Secure Insurance Solutions, we're here to help when it comes to adjusting your insurance.
Contact us and we'll walk you through the transition from joint insurance coverage to individual protection plans as smoothly as possible. We'll make sure you're protected as far as insurance goes.
Here are a few things for you to consider as you start to think about this transition:
You're Separated. What Do You Need To Consider?
Another fight -- but this was the last one -- it's time to separate. No one's filed papers yet, but you're not living together.
It may make your life less complicated, but a separation complicates some paperwork. As long as both of you are listed as "named insureds" on a policy, we cannot delete one of you from the insurance plan, and we cannot change your insurance without consent from your ex-partner.
In other words, we cannot make changes to your joint insurance plan when only one of you requests the change. But we can advise you on some things you can do when it comes to your insurance plan:
- Once one of you has moved out, update your Auto Insurance policy to show the garaging address of each vehicle, and report if there's any difference in how far either of you are diving to work.
- Whoever moves out should get Renters or Homeowners Insurance for their new place. The existing homeowner's policy will only extend limited coverage to a new residence.
Call Secure Insurance Solutions at 1-800-665-3259. We'll help you find the coverage that keeps you protected during this transition. We're here for you.
Divorce seems like it's all about dividing and you're ready to be done with it. But during this trying time, we're here to make sure you're still protected in terms of your insurance.
If you don't have children with a license or children at all, Car Insurance is easier. But what if you have children that drive and they spend half of the time with you and half of it with your ex-spouse.
As soon as one of you moves out, update the garaging addresses and commuting distance of all vehicles. This is the first step before splitting the joint auto policy.
Then, once the divorce is final, get separate Auto Insurance policies. Give us a call. Because we represent a variety of insurance companies, we can find you the protection that best fits your new situation and your budget.
If you do choose to stay with your current insurance company, you'll be allowed to keep your credits and discounts for being a "Safe Driver" or a "Continuous Customer" even if you have to apply for a new policy.
The discounts you won't be able to keep are the "multiple car discount" or the "homeowner discount" if you're now renting an apartment. But you may be eligible for an account credit if you buy your Renters Insurance from the same company that handles your Auto Insurance.
If you do have young drivers in your family, make sure that your children are covered on both parents' auto policies if your kids have access to both parents' cars. If they have their "own" car, a car that they drive most frequently, then this car is generally registered and insured in the name of the parent in whose home the child resides most frequently.
Make sure you review the circumstances with your broker so that we can make sure that the coverage is structured properly based on your insurance company's rules. Usually, if a child lives more frequently with one parent, then the child should be covered by the insurance policy of that parent. We want to make sure that you and your children are protected.
Homeowners Or Renters Insurance
It feels like you're starting over. You're either in the house you shared as a couple or you're in a new house or apartment.
If you're staying in the house make sure you call us at Secure Insurance Solutions to make sure that your policy is in your name only, and we can see if there are changes we can make to your policy for your new needs -- it could even save you money.
If you've moved into a new place, you'll want to contact us to set up a new Homeowners Insurance or Renters Insurance policy.
The last thing you need right now is another hassle, so let's make sure that you have the right protection in place. We'll find the best plan for your situation and your budget so give us a call.
Life insurance is part of your divorce settlement. A few things come into play:
- Are you paying alimony?
- Are you receiving alimony?
- Do you purchase Life Insurance?
- Do you change your Life Insurance beneficiary?
If you have Life Insurance in place, you might want to consider keeping it in place, with your ex-spouse as the beneficiary, even after the divorce. If you pay alimony, your ex-spouse might rely on your payments for cost of living and child support. If something were to happen to you, you might leave your children in serious financial turmoil if your ex-spouse is no longer the beneficiary. If you have no financial obligations to your former spouse, you may want to continue your Life Insurance but name a new beneficiary.
You also have the option to declare your children as the beneficiaries of your Life Insurance, but you should know that if your children aren't 18 yet, they cannot directly receive life insurance benefits. In case of your death, a court-ordered trustee would manage the money or the insurance company would hold the benefit until the child turns 18.
Our best advice: Avoid these options. Contact your family attorney who can establish a trust which can be named as the beneficiary. You can then indicate in the trust which friend or family member you trust to handle the financial issues for your children, and who will serve as guardians. (These can be the same or different people.)
If you recieve alimony, you might consider adding a clause to the divorce settlement that the Life Insurance beneficiary cannot be changed or allowed to lapse without your consent.
Another factor to consider: Keeping your current Life Insurance in place allows you to lock in your rates and insurability, regardless of possible future health issues. (This is also the reason why you should consider getting Life Insurance if you don't already have it.)
If you and your children have always been covered under your spouse's Health Insurance plan, you're probably wondering if you're still covered.
You should find your own Health Insurance plan if you were only covered on your spouse's Health Insurance policy. For your children, compare both plans and make sure that you children are enrolled on the better plan.
None of this is easy to deal with. We want to help make your transition as easy as possible. Let us help and give us a call so we can make sure your family is well protected. At Secure Insurance Solutions we want to make it as easy as possible -- we'll ask the questions so you don't have to think about it and we'll give you the answers you need to make the best decisions.