How Life Insurance Works in Divorce
Insurance Beneficiary Changes –
Most married people with life insurance list their spouse as the primary beneficiary. The purpose of life insurance is to protect those closest to you from financial devastation if you die and your income is lost. For a married person, no one is closer than a spouse. Having your spouse as your beneficiary ensures he can keep paying the mortgage, putting food on the table and, if applicable, raising the children without your income. Having life insurance is especially important if you provide the majority of the income.
Taroff & Taitz, LLP is adept at all manner of estate planning, including the setting up of life insurance trusts. Our estate planning attorneys are standing by to work with you through this stressful emotional, financial, and legal time.