Getting a divorce is a sticky process, and there are a lot of things that you might have never thought about, including the necessity of getting life insurance. When you get a divorce in Maryland, there are people you are legally bound to take care of in your death, including your children and sometimes the spouse you’re divorcing. If you’re thinking about divorce, you should learn more about what kind of life insurance coverage you need to have.
Why you might need life insurance
There are two basic reasons why you would need to have life insurance when you get a divorce. The first reason is to cover child support in the event that you can no longer pay it because of your death. The second reason is to continue spousal support in the event of your death if you’re required to pay that.
Factors that affect amount of insurance
While you might know that you should get life insurance for a backup in the event that you die, the details can be very tricky. First of all, when you get life insurance, you need to determine how much you’ll need because the amount that your child will need will vary depending on a variety of factors, including age, projected college expenses, extracurricular expenses and many other financial concerns.
Tips on policies you should have
While figuring out the details can be messy and frustrating, you shouldn’t let it fall to the wayside because of all of the other details that are involved in a divorce. One tip is to take out a policy with a high enough amount to replace child support until the last child is grown.
When you’re concerned with making sure that you have all of the details of your divorced taken care of, you should check into the life insurance policies that you and your spouse have. It may even be required of you by law to have life insurance when you divorce.