Life Events Affect Your Insurance Needs

Divorce

Going through a divorce can be stressful and disruptive. Make sure you take the time to ensure that you and your loved ones are protected.

Which insurance products should I consider if getting a divorce?
Auto Insurance: You may need to change the drivers on your policy.
Life Insurance: Review beneficiaries and coverage amounts.
Health Insurance: Do you need to change plans?

Auto insurance changes
Automobile insurance and ownership is typically settled by agreement in a divorce. More often than not, whoever gets the car is responsible for insuring the car. You may no longer qualify for multiple car discounts and reduced rates for married couples. However, if your ex-spouse had a bad driving record, you may do better on your own anyway.

There are several things you can do to manage your auto insurance costs. First, shop around. The insurer you used while married may not offer the best rates to single people in your risk category. Second, determine whether you need the same level of coverage as you did when you married. It’s likely that the coverage amounts you chose when married were based on joint assets. You may have different assets now and different coverage needs. Third, decide whether you can raise your deductibles and/or eliminate comprehensive and collision coverage on the car you took from the marriage. Now that you are single, the cost may outweigh the benefit.

What about health insurance?
Were you covered under your spouse’s employer plan? Was your spouse on your employer’s plan? Make sure that you and your children, if applicable, are covered. You want to keep yourself and your children healthy and provide for the best medical care possible, so health insurance is an absolute necessity. It can protect you from financial ruin if a serious injury or illness occurs. Make sure you understand how your policy works and who is covered.

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