What Can You Do To Preserve Maintenance With Life Insurance?
Divorce can be stressful for many people and most of them end up with one side paying maintenance to the other side for some time. During this period anything can happen to the person who is paying maintenance and in most of these cases maintenance is the only income for the other side. So, if something happens to the person paying the maintenance, the person receiving the maintenance has nothing to claim except, there is a Life Insurance and this is a huge benefit for many families.
How Can I Arrange A Life Insurance On My Ex-Partner?
Many insurance companies, if not all, have this kind of policy and mostly this is called “Life of Another” policy. The policy will cover if there is a loss of income for your ex-partner. So, it is advised to use the Family Income Benefit Plan in this kind of situation.
Do I Need To Tell My Ex-Partner About This Policy?
The short answer is, yes. It is crucial that your ex-partner is aware of this policy and accepts it. Paperwork is kept separately to ensure the right to privacy of both sides. Life Insurance is very useful in situations like this because if there is no life insurance and something happens to the person paying maintenance, it is very costly and difficult to file legal proceedings to get your maintenance back.
Life insurance ensures that you will not have any hardship about this situation no matter what. It is highly advised that you have a Life Insurance policy in times like these. Out specialists on this matter are highly trained to help you determine exactly what you need and what steps to follow during this procedure.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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