Nobody plans on getting divorced when you get married but unfortunately as we know it does happen. I think the latest statistic is up to 55% of married couples now end up in divorce. When this happens it can be one of the most stressful events in ones life.
Just like doing proper planning when you get married, there is also planning that needs to take place when one becomes single again. Below are some items that need to be taken into consideration when going through this stressful period in your life.
- Put your car on your own auto insurance policy
- Secure homeowner or renter's insurance
- Amend your health policy
- Change life insurance beneficiaries
Put your car on your own auto insurance policy
I have seen far too many times that when someone goes through a divorce that one of the spouses out of hatred takes the other driver and vehicle off the policy without notifying the ex-spouse. Because of this reason, we extend a courtesy call or email to the ex-spouse notifying them of this action. Unfortunately, sometimes the contact information is not accurate as the ex-spouse may be out of the household and may have a different phone number. So, if you are going through this situation make sure you give Southern Insurance Group a call immediately upon separation to make sure you are covered properly.
Secure a homeowner's or renter's insurance policy
If you are no longer married and no longer staying in the same residence that you once resided in when married, then you will not have proper protection in the event that your personal belongings are damaged due to a covered peril. When I say covered peril I mean fire, theft, vandalism, acts of God claims etc..If you like the movies, then I'm sure you have seen your share of movies where a vindictive ex-spouse sneaks into the home and vandalizes the property of the ex's. If this is deemed a vandalism claim the provisions int he policy will cover the loss to the damaged items.
Not just the above is the only reason to secure a home or renter's policy, but more so to have protection for the typical type claims mentioned above. These items are for your dwelling, other structures, contents, loss of use, liability and medical payments to others.
Amend Your Health Insurance Policy
When you go through a divorce, separating your health insurance policy can be a messy situation as well if you are not careful. Just like the auto insurance example, I have seen ex-spouses take the former spouse off the plan immediately without any notice. Fortunately, if this takes place, you do have protection if you are covered under a spouses health insurance policy.
Typically If you are covered under a group insurance plan they will usually allow you to come off the plan and sign up for a cobra policy if eligible for this coverage. These policies can be pricey so get ready for the sticker shock. Your best bet in this situation is to allow me to quote you through the non-group side as the rates are usually 40% cheaper. If you don't qualify for the individual plan you are can just stay on the group cobra plan.
If you and your ex are on a non-group individual policy, the same thing will hold true where the carrier will let you come of the ex-spouses plan and go on your own policy. This can usually be done without you having to go through underwriting again which is nice. Keep in mind that if your spouse takes you off the plan and multiple months go by this may no longer be an option so make sure you do this in a timely fashion.
Change Life Insurance Beneficiaries
WGoing through a divorce is a highly stressful event, and usually laden with emotion. We feel for you. Whether you and your ex-spouse are on speaking terms or not, it helps to have a clear fact sheet that guides you through the rough of settlements and paperwork and provides guidance by giving you a list of things to do. We are here to help when it comes to adjusting your insurance.A divorce is not easy. Allow us to help you by letting us assist with your new insurance protection plan. We provide you with choices, solutions, and absolute confidentiality when it comes to setting up your new protection plan.Give us a call today at 352-243-9000