You should re-evaluate your life insurance needs to ensure the commitments you carry forward are protected.
Protect Your Children
If you have children, you’ll want to purchase enough life insurance to help ensure that, should something happen to you, your children’s guardian will have the financial means to support your children to adulthood. You can arrange for a death benefit that covers such future expenses as
day-to-day needs, daycare, college tuition, and special needs care. Life insurance can even be part of a divorce settlement; it ensures your childrens’ needs will be met either through the death benefit or the policy’s potential cash value.
For these reasons, you may want to consider insuring not just your own life, but that of your ex-spouse or partner as well. Their consent and cooperation will be required.
Secure Your and Your Loved Ones’ New Future
If you have reached the end of a relationship, you may be left without life insurance or other benefits that might otherwise accrue to you—your ex’s retirement income, for instance.
And if you are now the primary breadwinner for other family members, you have to think of how to provide for them if something happens to you.
Getting Started
You don’t need to do this alone. A financial professional can help you through the process, from answering questions to determining the policy is appropriate for your needs.