Insurance Issues

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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