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Life and health insurance issues are important considerations in divorce proceedings from at least two major aspects: 1) Who will fund the support order or alimony if the provider should die? 2) If both spouses and child(ren) were covered under a single group health plan, how will the separating spouse(s) and child(ren) be covered after the divorce? Ask your attorney whether the divorce settlement can include a provision for life insurance on the provider, to protect the support order or alimony. The recommended approach is to acquire a life insurance policy with a face amount sized to provide the regular support payments, when deposited in an appropriate investment account. Here is a tool to help calculate the required face amount. Here is a resource to estimate the purchase cost. Regarding health insurance, divorce is a qualifying event for benefits under COBRA, so named after the act of Congress that created it. Also, ask your attorney whether the divorce settlement can include a provision for health insurance, especially if either spouse can provide it at a reasonable cost through group coverage. Finally, you may need to purchase additional health or life insurance coverage to protect yourself and your child(ren). |
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