A Husband Is Not Insurance 

Consider this a little “tough love”!  We may be complete strangers to you, but we are a business owned and operated by women who have been through it all.  Within our group of long-time gal pals and business partners we have experienced marriages, divorces, child births, deaths, and critical illness diagnosis.  

We hear from women who are the captain of their ship, but too often we meet women during a separation or divorce who are not aware of important details related to Insurance coverage.  Don’t beat yourself up if you fall into the camp of “my husband took care of stuff like that”.  It happens to the best of us, but it’s time to get your Insurance house in order!

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A few things to consider: 

  • Now that you are a single income household, do you have adequate Insurance to cover your fixed expenses should you be diagnosed with an illness? ​

    • If you need time off to focus on recovery, you may not be entitled to additional spousal or child support, nor do you have a partner to help as you undergo treatment.  Having adequate Critical Illness and Disability Insurance is extremely important so that you can pay your bills and even be able to hire needed help while you recover.

  • Whether you have decided to remain in your family home or to sell it and purchase a new property, you need to look at your Mortgage Life Insurance options.  

    • Purchasing your own Life Insurance policy, rather than coverage offered by your bank/mortgage lender, means you control the amount of coverage, the beneficiaries and you can shop for a more competitive rate.  

 

  • If you are awarded child and spousal support payments, it’s because you need those funds for you and your children to continue to live the life that you have built, therefore you need to protect those payments with Insurance should something happen to your ex.

    • A Life Insurance policy which names you as Irrevocable Beneficiary,  should be part of your separation agreement so your ex cannot make changes to the policy without your consent.

    • Critical Illness and/or Disability Insurance protects the funds available to make support payments if income drops because of an injury or serious illness and should also be included in all agreements.

 

  • Finally it is extremely important to ensure the beneficiaries of any of your current coverage is updated.    ​​​

    • Keep in mind, underaged children will have to wait to access the proceeds of a Life Insurance policy (even with a trustee) until they are of age therefore, a trusted family member is often a better choice than children themselves.

 

The process of uncoupling is a lot, but we can help you figure some of it out!  This is the time to review all your coverage, and make an informed decision regarding what additional Insurance you need.  

Book a consultation with us today to discuss your Insurance needs or to talk smack about your ex, we're great at both!