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INSURANCE
Although insurance is designed to provide security, it can be one of the biggest causes of insecurity when a couple divorces. After reading this chapter you may decide to buy life insurance on your spouse’s life - even after divorce.
Will my husband's health insurance continue to cover the children and myself?
Most policies provide that the insurance will continue to cover the children until they are 21 years old but it will not cover you as an ex-wife.
What is the COBRA law I have heard about?
COBRA (Consolidated Omnibus Budget Reconciliation Act of 1986) says that if your husband's company has at least 20 employees, they must allow you to apply to their health insurance company for continued coverage in your name for another 3 years.
Will my husband pay this premium?
Only if he is ordered to do so by the court. Normally, you will need to pay this premium and if you ever miss a payment, they can drop you and will not reinstate you. So, make sure you make your premium payments.
What if I am uninsurable and cannot get other health insurance?
Check with your existing insurance company to see if you can convert the existing insurance to your name only.
My husband is going to get different car insurance on the vehicle he is taking. With expenses so high during this divorce, can I go ahead and cancel the existing insurance on his vehicle?
DON'T EVER CANCEL ANY INSURANCE WHILE THERE MAY STILL BE A NEED. Make sure the new insurance is in place before canceling any policy, even when you may have to double up on a monthly payment. The risk is just not worth it.
The court told me to keep my ex-wife as beneficiary on my life insurance until our children are 21 years old, but I am marrying again and have a new family to support.
Unless you obtain a new court order, you will need to acquire an additional life insurance policy with your new family as the beneficiaries.
What's the best way to find out about my coverage after divorce?
Read the policy and/or have the agent explain it to you.
When should I obtain life insurance on the life of my spouse?
Consider it when you will depend on payments from your former spouse for your own support or that of your children.
Is there any pitfall to watch out for in this area?
Yes. Before the divorce is final, make sure your spouse can pass an insurance physical and will cooperate in obtaining the policy.
© Carol Ann Wilson, Certified Financial Planner, and Edwin Schilling, III, Attorney at Law, Authors of "Survival Manuals"
